|                                                                             |
|----------------------------------------------------------------------------------|
| Confidential                  Materials omitted and filed separately with the    |
| Securities                  and Exchange Commission. Asterisks denote omissions. |
|                                                                             |

**DATED        April 4, 2008**

| **(1)** | **THE                    SEVERAL PERSONS WHOSE NAMES ARE**                                                                                                                                                                                                                                    |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    | **SET                    OUT IN COLUMN 1 OF SCHEDULE 1**                                                                                                                                                                                                                                      |
|    |                                                                                                                                                                                                                                                                                          |
| **(2)** | **NYFIX                    GLOBAL SERVICES, LIMITED**                                                                                                                                                                                                                                         |
|    |                                                                                                                                                                                                                                                                                          |
| **(3)** | **                                          NYFIX,                    INC** |

----

**AGREEMENT        FOR THE SALE AND PURCHASE**

**OF        THE ENTIRE ISSUED SHARE CAPITAL**

**OF        FIX CITY LIMITED**

----

**STEPHENSON        HARWOOD**

**One,        St Paul's Churchyard**

**London        EC4M 8SH**

**Tel:        020 7329 4422**

**Fax:        020 7329 7100**

**Ref:        1258/46-02758**

----

**CONTENTS**

|                                                                       |                                                                       | Page   |
|----------------------------------------------------------------------------|----------------------------------------------------------------------------|--------|
|                                                                       |                                                                       |   |
| 1                                                                          | Definitions                  and Interpretation                            | 2      |
|                                                                       |                                                                       |   |
| 2                                                                          | Agreement                  for Sale                                        | 8      |
|                                                                       |                                                                       |   |
| 4                                                                          | Seller's                  Intellectual Property                            | 13     |
|                                                                       |                                                                       |   |
| 5                                                                          | Warranties                  and Indemnity                                  | 14     |
|                                                                       |                                                                       |   |
| 6                                                                          | Restrictive                  Covenants                                     | 16     |
|                                                                       |                                                                       |   |
| 7                                                                          | FSA                  Application Covenant                                  | 22     |
|                                                                       |                                                                       |   |
| 8                                                                          | Payments                                                                   | 22     |
|                                                                       |                                                                       |   |
| 9                                                                          | Assignment                                                                 | 23     |
|                                                                       |                                                                       |   |
| 10                                                                         | Announcements                  and Confidentiality                         | 23     |
|                                                                       |                                                                       |   |
| 11                                                                         | Costs                                                                      | 24     |
|                                                                       |                                                                       |   |
| 12                                                                         | Notices                                                                    | 24     |
|                                                                       |                                                                       |   |
| 13                                                                         | Exclusion                  of Contracts (Rights of Third Parties) Act 1999 | 25     |
|                                                                       |                                                                       |   |
| 14                                                                         | Further                  Assurance                                         | 25     |
|                                                                       |                                                                       |   |
| 15                                                                         | No                  Merger                                                 | 25     |
|                                                                       |                                                                       |   |
| 16                                                                         | Counterparts                                                               | 26     |
|                                                                       |                                                                       |   |
| 17                                                                         | Waiver                                                                     | 26     |
|                                                                       |                                                                       |   |
| 18                                                                         | Entire                  Agreement                                          | 26     |
|                                                                       |                                                                       |   |
| 19                                                                         | Governing                  Law, Jurisdiction and Service Of Proceedings    | 27     |
|                                                                       |                                                                       |   |
| 20                                                                         | Guarantee                                                                  | 27     |
|                                                                       |                                                                       |   |
| Schedule                  1                                                | 29                                                                         |
|                                                                       |                                                                       |
| Particulars                  of Sellers and apportionment of Consideration | 29                                                                         |

----

| Schedule                  2                        | 30                                                        |
|----------------------------------------------------|-----------------------------------------------------------|
|                                               |                                                      |
| Details                  of the Company            | 30                                                        |
|                                               |                                                      |
| Schedule                  3                        | 32                                                        |
|                                               |                                                      |
| Warranties                                         | 32                                                        |
|                                               |                                                      |
| Limitations                  on Sellers' Liability | 50                                                        |
|                                               |                                                      |
| Schedule                  4                        | 58                                                        |
|                                               |                                                      |
| 1                                                  | Definitions                  and Interpretation           | 58 |
|                                               |                                                      |   |
| 2                                                  | Covenant                                                  | 60 |
|                                               |                                                      |   |
| 3                                                  | Limitations                  on Liability                 | 62 |
|                                               |                                                      |   |
| 4                                                  | Mitigation                                                | 65 |
|                                               |                                                      |   |
| 5                                                  | Over-Provisions,                  Reliefs, etc            | 65 |
|                                               |                                                      |   |
| 6                                                  | Recovery                  from other Persons              | 67 |
|                                               |                                                      |   |
| 7                                                  | Conduct                  of Tax Affairs                   | 68 |
|                                               |                                                      |   |
| 8                                                  | Due                  Date of Payment                      | 73 |
|                                               |                                                      |   |
| 9                                                  | Deductions                  from Payments                 | 74 |
|                                               |                                                      |   |
| 10                                                 | Buyer                  Covenants                          | 75 |
|                                               |                                                      |   |
| 1                                                  | Returns                  and payment of Taxation          | 76 |
|                                               |                                                      |   |
| 2                                                  | Taxation                  claims, liabilities and reliefs | 77 |
|                                               |                                                      |   |
| 3                                                  | Tax                  residence and status                 | 78 |
|                                               |                                                      |   |
| 4                                                  | Corporation                  Tax on chargeable gains      | 79 |
|                                               |                                                      |   |
| 5                                                  | Shares                  owned by directors or employees   | 80 |
|                                               |                                                      |   |
| 6                                                  | Value                  Added Tax                          | 80 |
|                                               |                                                      |   |
| 7                                                  | Stamp                  Duty                               | 81 |

----

| 8                                             | Tax                  Avoidance | 82     |
|-----------------------------------------------|--------------------------------|--------|
|                                          |                           |   |
| 9                                             | Miscellaneous                  | 82     |
|                                          |                           |   |
| Schedule                  5                   | 85                             |
|                                          |                           |
| Intellectual                  Property Rights | 85                             |
|                                          |                           |
| Schedule                  6                   | 86                             |
|                                          |                           |
| Deferred                  Consideration       | 86                             |
|                                          |                           |
| Appendix                  1                   | 97                             |
|                                          |                           |
| Schedule                  7                   | 98                             |
|                                          |                           |
| Relevant                  Competitors         | 98                             |
|                                          |                           |
| Schedule                  8                   | 99                             |
|                                          |                           |
| Bank                  Balance Figures         | 99                             |

----

**THIS        AGREEMENT**        is made        on April 4, 2008

**BETWEEN:**

| (1) | **THE                  SEVERAL PERSONS**                  whose names and addresses are set out in column 1 of Schedule 1                  (together                  the "**Sellers**"                  and each a "**Seller**"); |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | **NYFIX                  GLOBAL SERVICES, LIMITED**                  a                  company incorporated and registered in England and Wales with company                  number 05988275 whose registered office is at 160 Queen Victoria                  Street                  London EC4V 4BF (the "**Buyer**");                  and |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | **NYFIX,                  INC**                  a                  company incorporated and registered in Delaware with offices at                  100 Wall                  Street, New York, NY 10005 ("the **Guarantor**") |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**RECITALS:**

| (A) | The                  Company has an authorised share capital of £100,000 divided into 100,000                  shares of £1 each of which 1,288 of such shares have been issued and are                  fully paid. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | Further                  particulars of the Company at the date of this Agreement are set                  out in                  Schedule 2. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The                  Sellers are the legal and beneficial owners of the legal and beneficial                  title to the number of shares set out opposite their respective                  names in                  Schedule 1, comprising in aggregate the whole of the issued share                  capital                  of the Company. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | The                  Sellers have agreed to sell and the Buyer has agreed to buy the                  Shares                  subject to the terms and conditions of this                  Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**IT        IS AGREED**

----

| **1** | **Definitions                  and Interpretation** |
|-------|-----------------------------------------------------|

| 1.1 | In                  this Agreement, the following words and expressions shall have                  the                  following meanings unless the context requires                  otherwise: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| "**Accounts**"                          | the                    individual financial accounts of the Company compiled by the                    Company's                    external accountants for the two financial periods ended on the                    Accounts                    Date, together in each case with the notes, directors' and accountants'                    reports and all other statements incorporated in or annexed to                    them; |
|-----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "**Accounts                    Date**"  | 31                    December 2007;                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "**Act**"                               | the                    Companies Act 1985 and the Companies Act 2006 to the extent that                    it is in                    force;                                                                                                                                                                                                                                                                                         |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "**this                    Agreement**" | this                    agreement (and the schedules to it), as varied from time to time                    pursuant                    to its terms;                                                                                                                                                                                                                                                                                 |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| "**Business                    Day**"   | a                    day which is not a Saturday, a Sunday or a bank or public holiday                    in                    England or New York;                                                                                                                                                                                                                                                                                  |
|                                    |                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| **"Buyer's                    Group"**  | the                    Buyer, its parent undertakings and its subsidiary undertakings                    from time                    to time and any subsidiary undertaking for the time being of                    a parent                    undertaking of the Buyer;                                                                                                                                                           |

----

| "**Buyer's                    Solicitors**"     | Stephenson                    Harwood of One, St Paul's Churchyard, London EC4M 8SH and any                    successor                    firm;                                                                                                                                                                                                                                                                                                                                                                                                      |
|-------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Company**"                                   | FIX                    City Limited, a company incorporated and registered in England                    and Wales                    with company number 04511314 whose registered office is at Financial                    House, 14 Barclay Road, Croydon, Surrey CR0 1JN, brief particulars                    of                    which are set out in Part 1 of Schedule 2;                                                                                                                                                                   |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Completion**"                                | completion                    of the sale and purchase of the Shares in accordance with this                    Agreement;                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Completion                    Date**"        | the                    date on which Completion takes place;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Consideration**"                             | £3,250,000                    and the Deferred Consideration;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Deferred                    Consideration**" | the                    consideration, if any, to be calculated and paid in accordance                    with                    Schedule 6;                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Disclosure                    Letter**"      | the                    letter from the Sellers to the Buyer, dated with the date of                    this                    Agreement disclosing certain exceptions to the                    Warranties;                                                                                                                                                                                                                                                                                                                                           |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Due                    Proportions**"        | in                    the case of the [**]%, in the case of [**]% and in the case of                    [**]%;                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| "**Encumbrance**"                               | a                    mortgage, charge, pledge, lien, option, restriction, right of                    first                    refusal, right of pre-emption, third party right or interest,                    a claim of                    any kind, other encumbrance or security interest of any kind                    or other type                    of preferential arrangement (including, without limitation, a                    title                    transfer and retention arrangement) having similar                    effect; |

----

| **"Founders**"                                        | [**];                    and “Founder”shall                    mean any one                    of them;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "**FSA**"                                             | the                    Financial Services Authority;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| "**Group**"                                           | the                    Company and its Subsidiary Undertaking;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **"Group                    Company"**                | the                    Company and/or the Subsidiary Undertaking as                    appropriate;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| **"Intellectual                    Property Rights"** | patents,                    rights to inventions, copyright and related rights, moral rights,                    trade                    marks, and domain names, rights to goodwill or to sue for passing                    off or                    unfair competition, rights in computer software, database rights,                    rights                    in confidential information (including know-how and trade secrets)                    and any                    other intellectual property rights, in each case whether registered                    or                    unregistered and including all applications (or rights to apply)                    for, and                    renewals or extensions of, such rights and all similar or equivalent                    rights or forms of protection which subsist or will subsist now                    or in the                    future in any part of the world; |

----

| "**Key                    Employees**"          | [**];                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Losses**"                                    | in                    relation to any matter, all liabilities, losses, claims, costs                    and                    reasonable expenses relating to that matter;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Parties**"                                   | the                    parties to this Agreement; and "**Party**"                    means any one of them;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Property**"                                  | 12-16                    Clerkenwell Road, London EC1M 5PQ (office numbers 107 and 108), 14                    Wall Street, 20th                    Floor, New York NY10005 and Norwell Executive Center, 167 Washington                    Street, Norwell, Massachusetts 02061 USA and includes an individual                    property and a part of an individual property;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Sellers'                    Solicitors**"    | H                    Montlake & Co, 197 High Road, Ilford IG1 1LX and any successor                    firm;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Shares**"                                    | all                    the issued shares in the capital of the Company;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Subsidiary                    Undertaking**" | the                    subsidiary undertaking of the Company listed in Part 2 of Schedule                    2;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                            |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| "**Tax**"                    or "**Taxation**"  | any                    form of tax, levy, duty, charge, contribution, withholding or                    impost of                    whatever nature capable of being imposed or demanded by a Tax                    Authority,                    any liability to pay for group relief, repay an amount received                    in                    relation to group relief, contribute to the tax liabilities of                    another                    person, and any other amount representative of Tax together with                    all                    penalties, charges, and interest relating to any of them regardless                    of                    whether any such liabilities are chargeable directly or primarily                    against                    or attributable directly or primarily to a Group Company or any                    other                    person and of whether any amount in respect of them is recoverable                    from                    any other person; |

----

| "**Tax                    Authority**"      | any                    taxing or other authority (whether within or outside the United                    Kingdom)                    competent to impose or demand any Tax; |
|---------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |                                                                                                                                                                         |
| "**Tax                    Covenant Claim**" | a                    claim under the covenants set out in paragraph 2 of the Tax                    Deed;                                                                    |
|                                        |                                                                                                                                                                         |
| "**Tax                    Deed**"           | the                    provisions of Part 1 of Schedule 4 to this Agreement;                                                                                                 |
|                                        |                                                                                                                                                                         |
| "**Tax                    Warranties**"     | the                    warranties set out in Part 2 of Schedule 4;                                                                                                           |
|                                        |                                                                                                                                                                         |
| "**TCGA**"                                  | the                    Taxation of Chargeable Gains Act 1992;                                                                                                                |
|                                        |                                                                                                                                                                         |
| "**VAT**"                                   | value                    added tax as provided for in VATA, and any tax imposed in substitution                    for                    it;                                |

----

| "**VATA**"                              | the                    Value Added Tax Act 1994;                                                                                                                         |
|-----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                    |                                                                                                                                                                     |
| "**Warranties**"                        | the                    warranties of the Sellers contained in Clause 5 and set out in                    Part 1 of                    Schedule 3 and the Tax Warranties; |
|                                    |                                                                                                                                                                     |
| "**Warranty                    Claim**" | a                    claim for any breach of any of the Warranties including the Tax                    Warranties; and                                                  |
|                                    |                                                                                                                                                                     |

| 1.2 | In                      this Agreement, unless the context requires otherwise: |
|-----|--------------------------------------------------------------------------------|

|   | 1.2.1 | any                  reference to the parties or a recital, Clause or Schedule is to                  the                  parties or the relevant recital, Clause or Schedule of or to this                  Agreement, and any reference in a Schedule to a paragraph is to                  a                  paragraph of that Schedule or, where relevant, that part of that                  Schedule;  |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.2 | the                  Clause headings are included for convenience only and shall not                  affect the                  interpretation of this Agreement;  |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.3 | use                  of the singular includes the plural and vice versa;  |
|--------|-------|--------------------------------------------------------------------------------|

|   | 1.2.4 | use                  of any gender includes the other genders;  |
|--------|-------|----------------------------------------------------------------------|

|   | 1.2.5 | "financial                  year", "parent undertaking" and "subsidiary undertaking" have the                  meanings                  given to them by sections 223 and 258 of the Companies Act 1985                  respectively;  |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.6 | any                  reference to a statute, statutory provision or subordinate legislation                  ("legislation") shall be construed as referring to that legislation                  as                  amended and in force from time to time and to any legislation which                  re-enacts or consolidates (with or without modification) any such                  legislation except to the extent that any amendment, re-enactment                  or                  consolidation on or after the date of this Agreement would increase                  the                  liability of any party under this Agreement; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1.2.7 | any                  reference to a document being "in the agreed form" means a document                  in a                  form agreed by the Parties and either entered into on the date                  of this                  Agreement by the relevant Parties or initialled by the Parties                  or on their                  behalf, in the latter case with such amendments as they may subsequently                  agree; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.8 | unless                  otherwise stated herein, where a statement is qualified by the                  expression                  **"so far as the Sellers are aware" or "to the best of the                  knowledge, information and belief of the Sellers"**, or any similar                  expression, that statement shall be deemed to include an additional                  statement that it has been made after due and careful enquiry;                  and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2.9 | references                  to any English legal term for any action, remedy, method of judicial                  proceeding, legal document, legal status, court, organisation,                  body,                  official or any legal concept, state of affairs or thing shall                  in respect                  of any jurisdiction other than England be deemed to include that                  which                  most nearly approximates in that jurisdiction to the English legal                  term. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | The                  Schedules and recitals form part of this Agreement and shall have                  effect                  as if set out in full in the body of this Agreement, and any reference                  to                  this Agreement includes the Schedules and recitals.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2** | **Agreement                  for Sale** |
|-------|-----------------------------------------|

| 2.1 | Subject                  to the terms of this Agreement, each Seller shall sell or cause                  to be sold                  and the Buyer shall buy the shares indicated in column 2 of Schedule                  1                  opposite that Seller's respective name free from all Encumbrances                  and in                  all other respects with full title guarantee. The Shares shall                  be sold                  with all rights attaching to them at Completion or subsequently,                  including                  the rights to receive all dividends and other distributions declared,                  paid                  or made at or after Completion.  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2.2 | The                  purchase price for the Shares shall be the Consideration and the                  Sellers                  and the Buyer agree to give effect to all the provisions of Schedule                  6.                  Each of the Sellers shall be entitled to receive that part of the                  Consideration set out opposite his name in column 3 of Schedule                  1. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | The                  Buyer shall not be obliged to complete the purchase of any of the                  Shares                  unless the purchase of all of the Shares is completed                  simultaneously. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | The                  Sellers waive all rights of pre-emption over any of the Shares                  conferred                  either by the articles of association of the Company or in any                  other                  way. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3** | **Completion**** ** |
|-------|--------------------------|

| 3.1 | Completion                  shall take place at the offices of the Buyer's Solicitors immediately                  after the signing of this Agreement or at such other place and                  time as                  shall be mutually agreed between the Parties when the events set                  out in                  Clauses 3.2 to 3.5 (inclusive) shall take                  place. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | At                  Completion, the Sellers shall deliver or make available to the                  Buyer:  |
|-----|------------------------------------------------------------------------------------------------------------------|

|   | 3.2.1 | transfers                  of the Shares duly executed by the respective registered holders                  in each                  case in favour of the Buyer (or as it may                  direct); |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.2 | the                  share certificates representing the Shares together with any power                  of                  attorney or other authority under which such transfers have been                  executed                  and such waivers or consents as the Buyer may require to enable                  the Buyer                  (or such person as the Buyer directs) to be registered as the holder(s)                  of                  the Shares;  |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.2.3 | certificates                  for all issued shares in the capital of the Subsidiary Undertaking                  held by                  the Company; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.4 | entry                  into by the Company's Key Employees of service agreements with                  the Buyer                  and/or the Company in the agreed                  form; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.5 | a                  letter executed as a deed in the form required by the Buyer from                  each                  present director and secretary of the Company in each case resigning                  their                  respective office (with effect from the end of the meeting held                  pursuant                  to Clause 3.3) and acknowledging that the writer has no claim against                  the                  Company for compensation for loss of office or                  otherwise; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.6 | a                  letter executed as a deed in the form required by the Buyer from                  each                  present director and secretary of the Subsidiary Undertaking in                  each case                  resigning their respective office (with effect from the end of                  the meeting                  held pursuant to Clause 3.4 or, if no such meeting occurs, pursuant                  to                  Clause 3.3) and acknowledging that the writer has no claim against                  the                  Company or the Subsidiary Undertaking for compensation for loss                  of office                  or otherwise; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.7 | an                  irrevocable power of attorney (in such form as the Buyer may reasonably                  require) executed by each of the registered holders of the Shares                  in                  favour of the Buyer to enable the Buyer (pending registration of                  the                  transfers referred to in Clause 3.2.1) to exercise all voting and                  other                  rights attaching to the Shares and to appoint proxies for this                  purpose; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.8 | statements                  for each bank account of the Company at the close of business on                  the last                  Business Day preceding Completion which will show cash in the accounts                  totalling no less than £[**] (based on the figures for creditors paid and                  payments received being those set out in Schedule 8);                  and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.2.9 | the                  seal (if any), statutory registers, certificate of incorporation                  (and any                  certificate of incorporation on change of name), minute books and                  share                  certificate books of each of the Company and the Subsidiary Undertaking                  complete and up-to-date in all material respects up to but not                  including                  Completion. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | The                  Sellers shall ensure that a board meeting of the Company is held                  at                  Completion at which:  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.1 | the                  people nominated by the Buyer are appointed as the directors and                  secretary                  (as the case may be) of the Company with immediate                  effect; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.2 | the                  resignations referred to in Clauses 3.2.5 and 3.2.6 are accepted                  with                  effect from the close of the                  meeting; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.3 | the                  registered office of the Company is changed to 160                  Queen Victoria Street, London EC4V                  4BF. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3.4 | the                  transfers referred to in Clause 3.2.1 are approved for registration;                  and |
|--------|-------|----------------------------------------------------------------------------------------------------------------|

|   | 3.3.5 | each                  existing bank mandate of the Company is cancelled and a new bank                  mandate                  appointing the Buyer's chosen signatories submitted to the relevant                  bank; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | The                  Sellers shall ensure that, immediately after the board meeting                  referred to                  in Clause 3.3: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.4.1 | any                  meeting of the board of directors of the Subsidiary Undertaking                  that the                  Buyer may require is held; and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4.2 | any                  meeting held pursuant to Clause 3.4.1 deals with any matter referred                  to in                  Clause 3.3 that the Buyer may                  require. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.5 | At                  Completion, the Buyer shall:  |
|-----|--------------------------------------------------------|

|   | 3.5.1 | deliver                  to the Sellers a certified copy of the minutes of a meeting of                  the                  directors of the Buyer approving the purchase of Shares together                  with any                  related matters in the agreed form; and |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.5.2 | pay                  the sum of £3,250,000 (three million two hundred and fifty thousand pounds                  sterling) in accordance with Clause                  8. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.6 | If                  either the Sellers or the Buyer (referred to in this Clause 3 as                  the                  "**defaulting                  party**")                  does not or is unable to fulfil any material obligations under                  Clauses 3.2                  to 3.5 as the case may be, at the time when Completion is due to                  take                  place under Clause 3.1, the other party (referred to in this Clause                  3 as                  the "**non-defaulting                  party**")                  may in addition to any other right or remedy it may have, by notice                  to the                  defaulting party:  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6.1 | postpone                  Completion by up to 10 Business Days; or  |
|--------|-------|--------------------------------------------------------------------------|

|   | 3.6.2 | elect                  to proceed to Completion, in which case the defaulting party shall                  be                  obliged to fulfil those obligations under Clauses 3.2 to 3.5, as                  the case                  may be, which it is then able to fulfil and to fulfil the remaining                  obligations on or before any later date specified for the purpose                  in the                  notice; or  |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6.3 | if                  having already given notice under Clause 3.6.1 and a period of                  not less                  than 10 Business Days having elapsed without each unfulfilled obligation                  in question having been fulfilled in all material respects, elect                  not to                  complete the sale and purchase of the Shares.  |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.7 | If                  Completion is postponed on any occasion under Clause 3.6.1, Clause                  3.6                  shall apply with respect to each occasion to which it is so                  postponed.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.8 | If                  the non-defaulting party elects not to complete the sale and purchase                  of                  the Shares in accordance with Clause 3.6.3, the Parties shall have                  no                  further rights or obligations under this Agreement, other than                  accrued                  rights and obligations at the time of that election in respect                  of prior                  breaches, save that Clauses 10-13 and 16-19 shall remain binding                  on the                  Parties in accordance with their terms.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4** | **Seller's                  Intellectual Property**** ** |
|-------|---------------------------------------------------------------|

| 4.1 | Each                  Seller hereby assigns to the Buyer with full title guarantee                  all Intellectual Property Rights vested in them (the "Sellers'                  Intellectual Property") that has been used by the Company in its                  business                  or is utilizable by the Company (or the Buyer following Completion)                  (which                  includes but is not limited to the Intellectual Property Rights                  listed in                  Schedule 5) together with all goodwill attaching to such Intellectual                  Property Rights the right to sue for damages and other remedies                  for any                  infringement of such Intellectual Property Rights that occurred                  before the                  Completion Date. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The                  Sellers each agree and undertake to provide to the Buyer (at its                  request                  and expense) all reasonable assistance with any proceedings which                  may be                  brought by or against the Buyer against or by any third party relating                  to                  the rights assigned by this Agreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The                  Sellers shall at the cost and expense of the Buyer do or procure                  to be                  done all such further acts and things, and execute or procure the                  execution of all such other documents, as the Buyer may from time                  to time                  reasonably require (without the imposition of any liability on                  the Sellers                  in addition to that which they would have under this Agreement)                  in order                  to give the Buyer the full benefit of this agreement, whether in                  connection with any registration of title or other similar right                  or                  otherwise. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.4 | The                    telephone numbers of the mobile telephones used by the Founders                    and                    Matthew Barkway belong to those individuals and not the Company                    and the                    Buyer will procure that the Company uses its reasonable endeavours                    to                    arrange for each relevant telephone number to be transferred                    as the                    relevant Seller may direct. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5** | **Warranties**** ****and                  Indemnity** |
|-------|------------------------------------------------------------|

| 5.1 | Subject                  to Clause 5.10, [**] warrant to the Buyer in the terms set out                  in Part 1                  of Schedule 3 and Part 2 of Schedule 4 and not withstanding any                  other                  provision of this Agreement, any reference in any Warranty to a                  Seller                  shall be to the Sellers.  |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | The                  Sellers are aware and acknowledge that the Buyer has entered into                  this                  Agreement in reliance on the Warranties which have induced it to                  enter                  into this Agreement. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The                  Warranties are given subject only to the matters fairly disclosed                  in the                  Disclosure Letter. The rights and remedies of the Buyer in respect                  of any                  breach of the Warranties shall not be affected by Completion. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | Each                  of the Warranties set out in each paragraph of Part 1 of Schedule                  3 are                  separate and independent and unless otherwise expressly provided                  shall not                  be limited by reference to any other Warranty or anything in this                  Agreement. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.5 | If                  there is a breach of a Warranty                  and: |
|-----|---------------------------------------------------------------------------|

|   | 5.5.1 | the                  value of an asset of the Company or the Subsidiary Undertaking                  is or                  becomes less than the value would have been had the breach not                  occurred;                  or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.5.2 | the                  Company and/or the Subsidiary Undertaking is/are subject to or                  incur(s) a                  liability or an increase in a liability which it would not have                  been                  subject to or would not have incurred had the breach not                  occurred, |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.6 | [**]                  indemnify the Buyer against the relevant Due Proportion of all                  reasonable                  and proper costs which the Buyer may incur whether before or after                  the                  start of an action in connection                  with: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.6.1 | the                  settlement of a claim against the Sellers in respect of a breach                  or an                  alleged breach of a Warranty or the enforcement of a settlement;                  and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.6.2 | legal                  proceedings against the Sellers in respect of a breach or an alleged                  breach of a Warranty in which judgment is given for the Buyer or                  the                  enforcement of the judgment. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.7 | [**]                  the Buyer against the relevant Due Proportion of all reasonable                  and proper                  costs which the Buyer may incur in relation to any and all losses                  suffered                  by the Company following Completion as a result of any variation                  or error                  in the figures set out in Schedule                  8. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8 | If                      in respect of or in connection with any breach of any of the                      Warranties or                      any indemnity claim under this Clause 5 any sum payable to                      the Buyer by                      the Sellers by way of compensation is subject to Taxation,                      then such                      further amount shall be paid to the Buyer by the Sellers so                      as to secure                      that the net amount received by the Buyer is the same as it                      would have                      been were the payment not subject to Taxation. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.9 | Each                  of the Sellers waives and may not enforce any rights which he/she                  may have                  in respect of a misrepresentation, inaccuracy or omission in or                  from                  information or advice supplied or given by the Company and/or the                  Subsidiary Undertaking or any present or former officer or employee                  of the                  Company and/or the Subsidiary Undertaking for the purpose of assisting                  them in relation to any term of this Agreement, the making of a                  representation, the giving of a warranty or the preparation of                  the                  Disclosure Letter. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.10 | Part                  2 of Schedule 3 (Limitations on Sellers' liability) shall apply                  to limit                  or exclude, in accordance with its terms, any liability of the                  Sellers in                  respect of a Warranty Claim, provided that no provision of that                  schedule                  shall apply to limit or exclude any such liability arising out                  of any                  fraudulent act or omission by or on behalf of the Sellers.  |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.11 | Any                  amount paid by or on behalf of the Sellers in respect of a breach                  of the                  Warranties and/or under a Warranty Claim made under Part 1 of Schedule                  3                  shall be deemed to reduce the Consideration and be a repayment                  of the                  Consideration to the extent of that                  amount. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6** | **Restrictive                  Covenants** |
|-------|--------------------------------------------|

| 6.1 | In                  this Clause 6.1: |
|-----|--------------------------------------|

| **"Confidential                  Information"** | means                  trade secrets, confidential knowledge, non-public data and any                  other                  proprietary information of the Company or the Subsidiary Undertaking.                  By                  way of illustration but not limitation, "Confidential Information"                  includes (i) inventions, trade secrets, ideas, processes, formulas,                  data,                  programs, other works of authorship, know-how, improvements, discoveries,                  developments, designs and techniques, in each case to the extent                  such                  items relate to communications and/or business transactions with                  one or                  more users over a computer network or the Internet; (ii) information                  regarding plans for research, development, new products and services,                  marketing and selling, business plans, budgets and unpublished                  financial                  statements, licenses, prices and costs, suppliers and customers;                  and (iii)                  information regarding the skills and compensation of any other                  employee of                  the Company or the Subsidiary                  Undertaking; |
|-------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **"Founders"**                              | means                  [**];                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                        |                                                                                                                                                                                                                                                                                                                                                                              |
| **"Prospective                  Customer"** | means                  any person with whom the relevant Seller had dealings during the                  Relevant                  Period in the course of his/her employment with a view to that                  person                  becoming a customer or client of the Company or the Subsidiary                  Undertaking;                                           |
|                                        |                                                                                                                                                                                                                                                                                                                                                                              |
| **"Relevant                  Area"**        | means                  [**];                                                                                                                                                                                                                                                                                                                                                      |
|                                        |                                                                                                                                                                                                                                                                                                                                                                              |
| **"Relevant                  Competitors"** | means                  those companies listed in Schedule 7;                                                                                                                                                                                                                                                                                                                      |
|                                        |                                                                                                                                                                                                                                                                                                                                                                              |
| **"Relevant                  Customer"**    | means                  any person who has been at any time during the Relevant Period                  a customer                  or client of the Company or the Subsidiary Undertaking with whom                  the                  relevant Seller was actively involved in the course of his/her                  employment                  during the Relevant Period; |
|                                        |                                                                                                                                                                                                                                                                                                                                                                              |
| **"Relevant                  Distributor"** | means                  any distributor of the Company's and/or the Subsidiary Undertaking's                  products with whom the relevant Seller was actively involved in                  the course                  of his/her employment during the Relevant                  Period;                                                                                      |

----

| **"Relevant                  Employee"** | means                  an employee of the Company or the Subsidiary Undertaking with whom                  the                  relevant Seller had material dealings in the course of his/her                  employment                  during the Relevant Period and who is employed wholly or mainly                  in a                  senior/managerial/customer facing capacity; |
|------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                     |                                                                                                                                                                                                                                                                                                                                                                                           |
| **"Relevant                  Period"**   | means                  the period of [**] ending on Completion;                                                                                                                                                                                                                                                                                                                                |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                           |
| **"Relevant                  Services"** | means                  services the same as or similar to those being provided by the                  Company or                  the Subsidiary Undertaking at Completion and with which the relevant                  Seller was actively involved in any capacity in the course of his/her                  employment during the Relevant Period;                                         |
|                                     |                                                                                                                                                                                                                                                                                                                                                                                           |
| **"Relevant                  Supplier"** | means                  any supplier to the Company or the Subsidiary Undertaking with                  whom the                  relevant Seller was actively involved in the course of his/her                  employment                  during the Relevant Period.                                                                                                                       |

| 6.2 | The                  Founders covenant that they will not for a period of [**] after                  Completion                  and [**] covenant that they will not for a period of [**] after                  Completion: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.2.1 | be                  concerned in any business which is carried on in the Relevant Area,                  or the                  Relevant Competitors, and which is competitive or likely to be                  competitive                  with any business in which the relevant Seller was actively involved                  during the course of his/her employment during the Relevant Period                  and                  which is carried on by the Company or another Group Company at                  Completion; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.2 | directly                  or indirectly, whether on his/her own account or on behalf of or                  in                  conjunction with any person: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | canvass                  or solicit business or custom for the provision of any Relevant                  Services                  from any Relevant Customer; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | deal                  with any Relevant Customer in respect of the provision or potential                  provision of any Relevant Services; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | canvass                  or solicit business or custom for the provision of any Relevant                  Services                  from any Prospective Customer; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | deal                  with any Prospective Customer in respect of the provision or potential                  provision of any Relevant Services; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | induce                  or attempt to induce any Relevant Supplier to cease to supply,                  or to                  restrict or vary the terms of supply to, the Company or the Subsidiary                  Undertaking or otherwise interfere with the relationship between                  a                  Relevant Supplier and the Company or the Subsidiary                  Undertaking; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | induce                  or attempt to induce any Relevant Distributor to cease to distribute,                  or                  to restrict or vary the terms of any distribution agreements in                  relation                  to, the Company's or the Subsidiary Undertaking's products or otherwise                  interfere with the relationship between a Relevant Distributor                  and the                  Company or the Subsidiary                  Undertaking; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | induce                  or attempt to induce any employee of the Company to leave the employment                  of the Company or the Subsidiary Undertaking (whether or not this                  would be                  a breach of contract by the Relevant                  Employee). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | For                  the purposes of Clause 6.2.1 above, the relevant Seller is concerned                  in a                  business if: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.3.1 | he/she                  carries it on as a principal or agent;                  or |
|--|-------|------------------------------------------------------------------------------------|

|   | 6.3.2 | he/she                  is a partner, director, employee, secondee, consultant or agent                  in, of or                  to any person who carries on the business;                  or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.3 | (excluding                  [**] in relation to his employment at the date of this Agreement)                  he/she                  has any direct or indirect financial interest (as shareholder or                  otherwise) in any person who carries on the business;                  or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4 | (excluding                  [**] in relation to his employment at the date of this Agreement)                  he/she                  is a partner, director, employee, secondee, consultant or agent                  in, of or                  to any person who has a direct or indirect financial interest (whether                  as                  shareholder or otherwise) in any person who carries on the                  business. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.4 | The                  Sellers covenant that at any time during the course of their employment                  with the Company or the Subsidiary Undertaking or at any time thereafter,                  they shall not use in connection with any other business any name                  which                  includes the name or any part of the name of the Company or the                  Subsidiary                  Undertaking or any product name or any colourable imitation of                  it or                  them. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | The                  Sellers agree that they will not, during the course of their employment                  with the Company or the Subsidiary Undertaking or at any time                  thereafter: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.5.1 | disclose                  any Confidential Information to any person, firm, corporation,                  or other                  entity for any reason or purpose                  whatsoever; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.5.2 | copy                  any Confidential Information, except as reasonably required in                  the course                  of their duties for the Company or the Subsidiary Undertaking;                  or |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.5.3 | make                  use of any Confidential Information for their own purposes or for                  the                  benefit of any person, firm, corporation or other entity, other                  than the                  Subsidiary Undertaking, under any circumstances. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.6 | The                  covenants in this clause are for the benefit of the Company itself                  and as                  trustee for the Subsidiary                  Undertaking. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.7 | Each                  of the restrictions in each paragraph or clause above are enforceable                  independently of each of the others and their validity is not affected                  if                  any of the others is invalid. If any of those restrictions is void                  but                  would be valid if some part of the restriction (including part                  of any of                  the definitions in Clause 6.1) were deleted, the restriction in                  question                  applies with such modification as may be necessary to make it valid. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **7** | **FSA                  Application Covenant** |
|-------|-----------------------------------------------|

| 7.1 | The                  Sellers hereby acknowledge and agree that the FSA has advised in                  its email                  to the Sellers of 2 April 2008 that FSA authorisation should be                  sought. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The                  Founders hereby covenant that they will use their reasonable endeavours                  to                  assist the Buyer in any and all respects in relation to the application                  to                  the FSA for authorisation and will take all reasonable actions                  necessary                  to ensure that such application for authorisation is submitted,                  including                  (but not limited to) providing all documentation and information                  required                  in respect of the application which is either in any of their possessions,                  power or control. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.3 | In                  the event that the Sellers breach the covenant set out in Clause                  7.2, the                  Buyer has the right to set off any of the Deferred Consideration                  owing to                  the Sellers pursuant to Schedule 6 against any and all losses suffered                  by                  it in relation to such breach. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8** | **Payments**** ** |
|-------|------------------------|

| 8.1 | The                  Buyer shall pay all payments due to the Sellers by telegraphic                  transfer of                  immediately available funds to the account of the Sellers' Solicitors                  on                  behalf of the Sellers at:  |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Bank:                            | [**] |
|----------------------------------|------|
| Sort                  code:      | [**] |
| Account                  name:   | [**] |
| Account                  number: | [**] |

----

| 8.2 | Payment                  of any sum to the Sellers' Solicitors will discharge the obligations                  of                  the Buyer to pay the sum in question and the Buyer shall not be                  concerned                  to see the application of the monies so                  paid. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9** | **Assignment**** ** |
|-------|--------------------------|

| **10** | **Announcements                  and Confidentiality**** ** |
|--------|------------------------------------------------------------------|

| 10.1 | Save                    as provided in Clause 10.2 no announcement or circular or disclosure                    in                    connection with or concerning this Agreement or any matter arising                    from                    the Agreement shall be made or issued by or on behalf of the                    Sellers                    without the prior written consent of the Buyer which shall not                    be                    unreasonably withheld or delayed. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | Clause                  10.1 shall not apply to any disclosure made by the Sellers to their                  professional advisers, or to any announcement or disclosure required                  by                  the laws of any relevant jurisdiction or by any competent regulatory                  or                  governmental body or securities exchange in any relevant                  jurisdiction. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **11** | **C****osts** |
|--------|---------------|

| 11.1 | Except                  as set out in Clause 11.2, each Party shall bear its own costs                  and                  expenses in connection with the preparation, negotiation, execution                  and                  performance of this Agreement and the documents referred to in                  it.  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11.2 | The                  Buyer shall pay all stamp and other transfer duties and registration                  fees                  applicable to any document to which it is a Party and which arise                  as a                  result of or in consequence of this                  Agreement. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **12** | **Notices**  |
|--------|-------------------|

| 12.1 | Any                  notice, consent or other communication given under this Agreement                  shall be                  in writing and in English, and signed by or on behalf of the Party                  giving                  it, and shall be delivered by hand or sent by prepaid recorded                  or special                  delivery post (or prepaid international recorded airmail if sent                  internationally) or by fax as follows (and, for the avoidance of                  doubt,                  may not be given by e-mail):  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**to        the Buyer: **

**To        the Sellers**

| 12.2 | Any                  Party may from time to time notify the others of any other address                  or fax                  number for the receipt of notices. Any such change shall take effect                  five                  Business Days after notice of the change is received or (if later)                  on the                  date (if any) specified in the notice as the date on which the                  change is                  to take place.  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.3 | Any                  notice, consent or other communication given in accordance with                  Clause                  12.1 and received after 5.30 p.m. on a Business Day, or on any                  day which                  is not a Business Day, shall for the purposes of this Agreement                  be                  regarded as received on the next Business Day.  |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **13** | **Exclusion                  of Contracts (Rights of Third Parties) Act                  1999** |
|--------|-------------------------------------------------------------------------------------------------|

| 13.1 | The                  Parties to this Agreement do not intend any of its terms to be                  enforceable                  pursuant to the Contracts (Rights of Third Parties) Act 1999 by                  any person                  who is not a party to this Agreement save for the provisions of                  Clause                  6. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.2 | Notwithstanding                  any other provision of this Agreement, the Sellers and the Buyer                  may by                  agreement in writing rescind or vary any of the provisions of this                  Agreement without the consent of the Company or the Subsidiary                  Undertaking                  and accordingly section 2(1) of the Contracts (Rights of Third                  Parties)                  Act 1999 shall not apply. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **14** | **Further                  Assurance**** ** |
|--------|--------------------------------------------------|

|   | At                  or after Completion, the Sellers shall at the Buyer's cost execute                  all                  such documents and do or cause to be done all such other things                  as the                  Buyer may from time to time reasonably require in order to vest                  in the                  Buyer legal title to and the benefit of the Shares and otherwise                  to give                  full effect to this Agreement. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **15** | **No                  Merger** |
|--------|--------------------------------|

----

| **16** | **Counterparts**** ** |
|--------|----------------------------|

| **17** | **Waiver** |
|--------|------------|

|   | No                  delay or failure by the Buyer or any of the Sellers to exercise                  any of                  their respective powers, rights or remedies under this Agreement                  shall                  operate as a waiver of them, nor shall any single or partial exercise                  of                  any such powers, rights or remedies preclude any further exercise                  of them.                  The remedies provided in this Agreement are cumulative and (except                  as                  otherwise provided in this Agreement) are not exclusive of any                  remedies                  provided by law. A waiver of a breach of any term of this Agreement                  shall                  not constitute a waiver of any other breach of this                  Agreement. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **18** | **Entire                  Agreement** |
|--------|---------------------------------------|

| 18.1 | This                  Agreement, and the documents referred to in it together constitute                  the                  entire agreement and understanding of the Parties and supersede                  any                  previous agreement between the Parties relating to the subject                  matter of                  this Agreement.  |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.2 | The                  Buyer acknowledges that no provisions are to be regarded as implied                  into                  this Agreement, save for those implied by law and which are not                  lawfully                  capable of being excluded. All implied provisions lawfully capable                  of                  being excluded are hereby excluded for all purposes.  |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | In                  entering into this Agreement and subject to Part 2 of Schedule                  3, the                  Buyer accepts that it is not relying on any representation, warranty                  or on                  any other information or statement of opinion or belief, whether                  written                  or oral, express or implied, which is not expressly comprised within                  or                  the subject of any of the                  Warranties. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.4 | Except                  as otherwise permitted by this Agreement, no change to its terms                  shall be                  effective unless it is in writing and signed by on or behalf of                  each of                  the Parties. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **19** | **Governing                  Law, Jurisdiction and Service Of                  Proceedings** |
|--------|----------------------------------------------------------------------------------------------|

| 19.1 | This                  Agreement shall be governed by and construed in accordance with                  the law of                  England and Wales. Each Party irrevocably submits to the exclusive                  jurisdiction of the courts of England and Wales over any claim,                  dispute or                  matter arising under or in connection with this Agreement.  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | Each                  Party irrevocably waives any objection which it may have now or                  later to                  proceedings being brought in the courts of England and Wales and                  any claim                  that proceedings have been brought in an inconvenient forum. Each                  Party                  further irrevocably agrees that a judgment in any proceedings brought                  in                  the courts of England and Wales shall be conclusive and binding                  upon each                  Party and may be enforced in the courts of any other                  jurisdiction. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | Nothing                  in this Agreement shall affect the right to serve process in any                  manner                  permitted by law.  |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **20** | **Guarantee** |
|--------|---------------|

| 20.1 | The                  Guarantor unconditionally and irrevocably guarantees to the Sellers                  to                  discharge on written demand by the Sellers payment of all sums                  payable by                  the Buyer under Schedule 6 of this Agreement (such payment obligations                  of                  the Buyer being referred to below as "**Obligations**"). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.2 | The                  Sellers must make written demand against the Buyer but may make                  demand                  upon the Guarantor in respect of any of the Obligations if not                  satisfied                  by the Buyer within 30 Working Days of the Sellers' demand against                  the                  Buyer. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20.3 | This                  Agreement is a continuing security and shall remain in full force                  and                  effect until all of the Obligations have been discharged and performed                  in                  full. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20.4 | The                  provisions of this Clause 20 are in addition to any other guarantee                  or                  security, present or future, held by the Sellers in respect of                  the                  Obligations or any of them, and shall not merge with or prejudice                  such                  other guarantee or security, or any contractual or legal rights                  of the                  Sellers. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**THIS        AGREEMENT**

----

**Schedule        1**

**Particulars        of Sellers and apportionment of **
**Consideration**

| **Column                    1**                                                                                                                             |   | **Column                    2**                      |   | **Column                    3**                               |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------------|--------|---------------------------------------------------------------|--------|
|                                                                                                                                                        |   |                                                 |   |                                                          |   |
| **Seller's                    name and address**                                                                                                            |   | **Number                  of shares held by Seller** |   | **Seller's                  proportion of the Consideration** |   |
|                                                                                                                                                        |   |                                                 |   |                                                          |   |   |   |
| **Karl                    Spencer Breeze**Bay                      CottageBertie                      LaneUffingtonStamfordPE9                      4SZ     |   | 399                                                  |   | 30.9783%                                                      |   |
|                                                                                                                                                        |   |                                                 |   |                                                          |   |   |   |
| **Amy                    Jane Muddimer**2                      Peplins WayBrookmans                      ParkHertfordshireAL9                      7UU      |   | 399                                                  |   | 30.9783%                                                      |   |
|                                                                                                                                                        |   |                                                 |   |                                                          |   |   |   |
| **Paul                    Denby Scott** 2                      Peplins WayBrookmans                      ParkHertfordshireAL9                      7UU |   | 399                                                  |   | 30.9782%                                                      |   |
|                                                                                                                                                        |   |                                                 |   |                                                          |   |   |   |
| **Andrew                    Southon**38                      Thorley HillBishops                      StortfordHertfordshireCM23                      3LZ   |   | 65                                                   |   | 5.0466%                                                       |   |
|                                                                                                                                                        |   |                                                 |   |                                                          |   |   |   |
| **Matthew                    George Barkway**54                      Manor RoadChelmsfordEssexCM2                        0EP                                |   | 26                                                   |   | 2.0186%                                                       |   |

----

**Schedule        2**

**Part        1**

**Details        of the Company**

| Date                        and place of incorporation  | :      | Incorporated                        on 14 August 2002 in England and Wales                                                                                                                                                                                                                                                                                                                |
|--------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Registered                        number           | :      | 04511314                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Registered                        office      | :      | Financial                        House, 14 Barclay Road, Croydon, Surrey, CRO 1JN                                                                                                                                                                                                                                                                                                    |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Authorised                        share capital    | :      | £100,000                        divided into 100,000 ordinary shares of £1.00 each and £10,000 divided                        into 1,000,000 ordinary B shares of £0.01 each                                                                                                                                                                                     |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Issued                        share capital        | :      | £1288.00                        divided into 1,288 ordinary shares of £1.00 each                                                                                                                                                                                                                                                                                                |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Directors                                     | :      | 1) Matthew                        George Barkway 2) Karl                        Spencer Breeze 3) Amy                        Jane Muddimer 4) Paul                        Denby Scott                                                                                                                                                                  |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Secretary                                     | :      | Amy                        Jane Muddimer                                                                                                                                                                                                                                                                                                                                                  |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Shareholders                             | :      | 1) Karl                        Spencer Breeze (399 Ordinary Shares)  2) Amy                        Jane Muddimer (399 Ordinary Shares)  3) Paul                        Denby Scott (399 Ordinary Shares) 4) Andrew                        Southon (65 Ordinary Shares) 5) Matthew                        George Barkway (26 Ordinary Shares) |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Accountants                                   | :      | The                        McCay Partnership                                                                                                                                                                                                                                                                                                                                              |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Accounting                        reference date   | :      | 31                        December                                                                                                                                                                                                                                                                                                                                                        |
|                                                         |   |                                                                                                                                                                                                                                                                                                                                                                                      |
| Tax                        residence          | :      | England                        and Wales                                                                                                                                                                                                                                                                                                                                                  |

----

**Part        2**

**Details        of the Subsidiary Undertaking**

| Date                  and place of incorporation       | :      | 27                  April 2006, New York State      |
|-------------------------------------------------------------|--------|-----------------------------------------------------|
|                                                        |   |                                                |
| Registered                  number                | :      | N/A                                                 |
|                                                        |   |                                                |
| Registered                  office           | :      | 14                  Wall Street, New York, NY 10005 |
|                                                        |   |                                                |
| Authorised                  share capital    | :      | 200                  Shares of no par value         |
|                                                        |   |                                                |
| Issued                  share capital             | :      | 100                  Shares of no par value         |
|                                                        |   |                                                |
| Directors                                    | :      | Andrew                  Southon (President)         |
|                                                        |   |                                                |
| Secretary                                    | :      | Karl                  Breeze                        |
|                                                        |   |                                                |
| Shareholder                                  | :      | FIX                  City Limited                   |
|                                                        |   |                                                |
| Accounting                  reference date        | :      | 31st                  December                      |
|                                                        |   |                                                |
| Tax                  residence               | :      | New                  York                           |

----

**Schedule        **
**3**

**Part        1**

**Warranties**

| **1** | **SHARES                  AND OTHER SECURITIES OF THE                  COMPANY** |
|-------|----------------------------------------------------------------------------------|

| 1.1 | The                  Shares represent the entire issued share capital of the                  Company. |
|-----|--------------------------------------------------------------------------------------------------------|

| 1.2 | The                  shareholders of Company listed in Part 1 of Schedule 2 are and                  will at                  Completion be the holders of the shares set out against their names                  and                  have the right to sell such shares. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | The                  Company will not, at Completion, have any debenture or any other                  security                  in issue. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 1.4 | No                  person has the right or has claimed to have a subsisting right                  (whether                  exercisable now or at a future date and whether contingent or not)                  to                  subscribe for, or to convert any security into any shares, debentures                  or                  other securities of the Company, including pursuant to an option                  or                  warrant. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | The                  Company has not at any time purchased its own shares or redeemed                  or                  forfeited any shares, or agreed to do so, or granted an option                  whereby it                  might become liable to do so. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.6 | There                  will not at Completion be any Encumbrance over any issued or unissued                  shares in the capital of the Company and there is no subsisting                  agreement                  to create any such Encumbrance. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.7 | No                  share in the capital of the Company has been allotted at a discount                  or                  otherwise than as fully paid. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **2** | **THE                  COMPANY AND THE SUBSIDIARY                  UNDERTAKING** |
|-------|----------------------------------------------------------------------------------|

| 2.1 | Save                  for the Subsidiary Undertaking, the Company has no interest in                  nor is it                  under a subsisting obligation to acquire any interest in any shares,                  debentures or other securities of any other body                  corporate. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | The                  details shown in Parts 1 and 2 of Schedule 2 relating to the Company                  and                  the Subsidiary Undertaking are accurate and complete in all                  respects. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | A                  true and complete copy of the Accounts and of the memorandum and                  articles                  of association of the Company and the Subsidiary Undertaking are                  annexed                  to the Disclosure Letter. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.4 | The                  whole of the issued share capital of the Subsidiary Undertaking                  is                  beneficially owned by the Company free from any                  Encumbrance. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.5 | The                  Subsidiary Undertaking has never been a subsidiary of any body                  corporate                  other than the Company and the Company has never been a subsidiary                  of any                  body corporate. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.6 | No                  person is a shadow director of the Company or the Subsidiary Undertaking                  who is not treated as a director for all the purposes of the                  Act. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3** | **AUTHORITY                  AND CAPACITY OF THE SELLER****S** |
|-------|----------------------------------------------------------------|

| 3.1 | Each                  of the Sellers has all necessary right, power and authority to                  enter into                  and perform its obligations under this Agreement and each document                  to be                  executed at or before Completion. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | This                  Agreement constitutes (or will when executed constitute) binding                  and                  enforceable obligations on the Sellers in accordance with its                  terms. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **4** | **THE                  ACCOUNTS**** ** |
|-------|---------------------------------------------|

| 4.1 | The                  Accounts: |
|-----|--------------------------------|

|  | 4.1.1 | have                  been were prepared under the historical cost                  convention; |
|--|-------|-------------------------------------------------------------------------------------------------|

|   | 4.1.2 | have                  been prepared in accordance with applicable Statements of Standard                  Accounting Practice, Financial Reporting Standards, statements                  from the                  Urgent Issues Task Force, other generally accepted accounting practices                  in                  the United Kingdom and the Act; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.3 | are                  not affected by any material unusual or non-recurring items and                  do not                  include material transactions not normally undertaken by the                  Company; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.4 | make                  full provision or reserve for all actual liabilities and contain                  proper                  provision or reserve for all contingent liabilities or capital                  or                  burdensome commitments. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The                  Accounts give a true and fair view of the state of affairs of the                  Company                  as at the end of each financial year to which they relate and of                  its                  profit or loss for the period ended on that                  date. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | Since                  their incorporation, neither the Company nor the Subsidiary Undertaking                  have engaged auditors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------|

----

| **5** | **BORROWINGS                  AND BANK ACCOUNTS** |
|-------|---------------------------------------------------|

| 5.1 | Neither                  the Company nor the Subsidiary Undertaking will not at Completion                  have                  outstanding any borrowing or indebtedness, in the nature of borrowing,                  including any bank overdraft. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | There                  are no Encumbrances over the assets of either of the Company or                  the                  Subsidiary Undertaking. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6** | **POSITION                  SINCE THE ACCOUNTS DATE** |
|-------|-------------------------------------------------------|

| 6.1 | Since                  the Accounts Date: |
|-----|-------------------------------------------|

|   | 6.1.1 | no                  resolution of the Company or the Subsidiary Undertaking in general                  meeting                  has been passed; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | no                  change in the accounting reference period of the Company or the                  Subsidiary                  Undertaking has been made;  |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.3 | save                  as referred to in the Disclosure Letter, neither the Company nor                  the                  Subsidiary Undertaking has declared or paid any                  dividend; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 6.1.4 | the                  business of the Company and the Subsidiary Undertaking has been                  carried on                  in the ordinary and usual course, without any material interruption                  or                  alteration in its nature, scope or manner, and so as to maintain                  the same                  as a going concern;  |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.5 | there                  has been no material adverse change (nor is any material adverse                  change                  expected) in the turnover or profit margins or financial position                  of the                  Company or the Subsidiary Undertaking or in the assets or liabilities                  of                  the Company or the Subsidiary Undertaking as compared with the                  position                  disclosed by the Accounts and all amounts received by the Company                  or the                  Subsidiary Undertaking have been deposited with the Company's bankers                  and                  appear in the appropriate books of                  account; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.6 | neither                  the Company nor the Subsidiary Undertaking has not borrowed or                  raised any                  money or taken any financial facility which exceeded £50,000;                  and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.7 | neither                  the Company nor the Subsidiary Undertaking has paid any bonuses                  of any                  kind. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The                  IOI Revenues (as defined in Schedule 6) for 2007 are true, accurate                  and                  not misleading. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

| **7** | **CONDUCT                  OF BUSINESS** |
|-------|------------------------------------------|

| 7.1 | So                  far as the Sellers are aware, the Company and its directors, officers,                  employees and agents (during the course of their duties in relation                  to the                  Company) have complied in all material respects with all legislation                  of                  the United Kingdom applicable to the Company.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7.2 | The                  Subsidiary Undertaking's only activity has been acting as marketing                  agent                  for the Company. The Subsidiary Undertaking has not entered into                  any                  contracts with customers and charges the Company for its services                  on a                  cost plus fee basis. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8** | **CONTRACTS                  AND LIABILITIES, TERMS OF                  TRADE** |
|-------|---------------------------------------------------------------------------------|

| 8.1 | True                  and complete copies of all of the material contracts or arrangements                  entered into by the Company and/or the Subsidiary Undertaking that                  remain                  to be fulfilled as performed in whole or in part have been supplied                  to the                  Buyer. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | In                  the case of any contract entered into by the Company and/or the                  Subsidiary                  Undertaking and disclosed to the Buyer as having been entered into                  orally,                  such contracts are believed to be valid; no party to any such contract                  has                  given any indication that the terms of such contract are different                  from                  the Company's and/or Subsidiary Undertakings then current standard                  terms;                  that such contracts have been invoiced in accordance with the then                  current                  standard terms and no client of the Company and/or the Subsidiary                  Undertaking has failed to make payment as though it had entered                  into a                  contract on the Company's or the Subsidiary Undertakings then current                  standard terms.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3 | Neither                the Company nor the Subsidiary Undertaking has received any claim                or                assertion that any limitations of liability clause in the Company's                or the                Subsidiary Undertaking's contracts entered into with their clients                before                Completion is invalid, void or voidable. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Contracts**

| 8.4 | Neither                the Company nor the Subsidiary Undertaking is a party to any mortgage,                charge, lien or debenture; any contract of guarantee, indemnity or                suretyship; any joint venture, partnership or consortium agreement                or                arrangement; any agency or distributorship agreement; any contract                which                is not on an arm's-length basis. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.5 | No                power of attorney has been granted by the Company or the Subsidiary                Undertaking which may be effective or in force at any time after                the date                of this Agreement. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Validity      of Agreements**

| 8.6 | Neither                the Company nor the Subsidiary Undertaking is in default under, or                has                knowingly committed any breach of any of the terms of or done, or                omitted                to do, anything whereby any agreement, instrument or arrangement                to which                it is a party is liable to be prematurely terminated, rescinded,                avoided                or terminated by any other party, or whereby the terms of such agreement,                instrument or arrangement are liable to be altered without the consent                and                to the detriment of the Company or the Subsidiary Undertaking and                no                threat or claim of any such default or breach or notice of termination                has                been made or given and is outstanding against the Company or the                Subsidiary Undertaking. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.7 | No                party to any agreement with, or under an obligation to, the Company                or the                Subsidiary Undertaking is in default under such agreement or obligation,                and there are no circumstances known to give rise to such a default. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.8 | The                Company has existing agreements with all of its clients and such                agreements are in full force and                effect. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9** | **BOOKS,                RECORDS AND RETURNS** |
|-------|-----------------------------------------------|

| 9.1 | The                register of members, minute books, other statutory books and registers                and                all other records required to be kept by the Company under the applicable                laws and regulations of England and Wales are in the possession and                ownership or under the control of the Company, have been properly                kept in                all material respects and are up-to-date in all material                respects. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.2 | No                claim has been made that any of the books, registers and records                referred                to in paragraph 9.1 of this Part 1 of Schedule 3 is incorrect or                should be                rectified. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9.3 | So                far as the Sellers are aware (but without having made any enquiries                with                regard to the requirements of the United States), all returns,                particulars, resolutions and other documents required by the applicable                laws and regulations of England and Wales or the United States to                be given                or delivered by the Company to the registrar of companies or any                other                governmental, regulatory or other authority of competent jurisdiction                have                been correctly made up and duly given or delivered in all material                respects. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **10** | **LITIGATION** |
|--------|----------------|

| 10.1 | So                far as the Sellers are aware, neither the Company nor the Subsidiary                Undertaking is engaged in any litigation, arbitration, mediation,                conciliation, expert determination, adjudication or other dispute                resolution process, whether as claimant or defendant or in any other                capacity. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.2 | So                far as the Sellers are aware, there are no dispute resolution processes,                proceedings and other processes or disputes such as are referred                to in                paragraph 10.1 pending or threatened by or against the Company or                the                Subsidiary Undertaking, and, so far as the Sellers are aware, there                are no                circumstances which might give rise to any such dispute resolution                processes, proceedings and other processes or disputes against the                Company                or the Subsidiary Undertaking or against any person for whose acts                or                defaults the Company or the Subsidiary Undertaking may be vicariously                liable or whom the Company or the Subsidiary Undertaking is liable                to                indemnify. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.3 | There                is no unsatisfied judgement, order or decree of any court or any                governmental agency outstanding against the Company or the Subsidiary                Undertaking or which may have an adverse affect upon the Company                or the                Subsidiary Undertaking or the whole or part of its business, operations                assets or liabilities. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **11** | **LIABILITIES** |
|--------|-----------------|

| **12** | **EMPLOYEES** |
|--------|---------------|

| 12.1 | The                Disclosure Letter contains complete and accurate details                of: |
|------|------------------------------------------------------------------------------------------------|

----

|   | 12.1.1 | all                officers, employees and consultants of the Company and the Subsidiary                Undertaking; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | 12.1.2 | all                individuals to whom the Company or the Subsidiary Undertaking has                made an                offer of employment or consultancy; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1.3 | all                employees of the Company or the Subsidiary Undertaking who may have                a                right to return following leave for maternity, incapacity or any                other                absence; and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1.4 | the                job title of all employees and all remuneration payable and other                benefits                which the Company and/or the Subsidiary Undertaking is obliged to                provide                (whether now or in the future) to each of its officers, employees                and                consultants, or former officers, employees or consultants including                particulars of all commission, incentive, profit sharing, bonus and                share                option schemes which the Company and/or the Subsidiary Undertaking                has                operated whether contractually binding on it or not together with                the                entitlement to notice of employees and consultants and the length                of                continuous employment of employees for the purposes of the Employment                Rights Act 1996. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.2 | No                remuneration or other sum whatsoever is due from the Company or the                Subsidiary Undertaking to any officer, employee or consultant or                former                officer, employee or consultant other than the outstanding part of                any                current salaries, commissions and fees which are payable to the present                officers, employees and consultants. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.3 | No                variation to any of the terms of employment or consultancy listed                in the                Disclosure Letter have been agreed or offered by the Company and/or                the                Subsidiary Undertaking and no increases in fees, salaries, wages,                pension                contributions or other benefits have been paid or are payable to                any                officer, employee or consultant of the Company or the Subsidiary                Undertaking since the Accounts Date nor has there been any negotiation                for                such an increase, nor any notification of any demand for such an                increase                on behalf of any officer, employee or consultant. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12.4 | The                Company and the Subsidiary Undertaking have, in relation to each                of its or                their officers, employees and                consultants: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.4.1 | materially                complied with its or their statutory and contractual                obligations; |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | 12.4.2 | maintained                complete and materially accurate records;                and |
|--------|--------|----------------------------------------------------------------------------------------|

|   | 12.4.3 | conducted                adequate immigration checks; |
|--------|--------|-------------------------------------------------------|

| 12.4.4 | None                of the employees of the Company or the Subsidiary Undertaking has                given                notice terminating his or her contract of employment or engagement,                and                none of the employees of the Company or the Subsidiary Undertaking                is                under notice of dismissal. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12.4.5 | No                dispute has arisen within the last two years between the Company                and/or                the Subsidiary Undertaking and any of its employees or former employees                and there are no present circumstances which are likely to give rise                to                any such dispute. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **13** | **PENSIONS                AND OTHER BENEFITS** |
|--------|------------------------------------------------|

----

| **14** | **PROPERTY** |
|--------|--------------|

|   | Neither                the Company nor the Subsidiary Undertaking have owned, used or occupied                any property other than the                Property. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **15** | **INSOLVENCY                WINDING UP ETC** |
|--------|----------------------------------------------|

| 15.1 | No                order has been made, petition presented, resolution passed or meeting                convened for the winding up of the Company and/or the Subsidiary                Undertaking. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.2 | No                petition has been presented for an administration order to be made                in                relation to the Company and/or the Subsidiary Undertaking, nor has                any                such order been made. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.3 | No                receiver (including an administrative receiver) has been appointed                of the                whole or any part of any of the property, assets and/or undertaking                of the                Company and/or the Subsidiary                Undertaking. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.4 | No                composition in satisfaction of the debts of the Company and/or the                Subsidiary Undertaking, or scheme of arrangement of its affairs,                or                compromise or arrangement between it and its creditors and/or members                or                any class of its creditors and/or members, has been proposed, sanctioned                or approved. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.5 | No                distress, distraint, charging order, garnishee order, execution or                other                process has been levied or applied for in respect of the whole or                any part                of any of the property, assets and/or undertaking of the Company                and/or                the Subsidiary Undertaking. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.6 | No                event has occurred causing, or which upon intervention or notice                by any                third party may cause, any floating charge created by the Company                and/or                the Subsidiary Undertaking to crystallise or any charge created by                it to                become enforceable, nor has any such crystallisation occurred nor                is such                enforcement in process. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15.7 | In                relation to any property or assets held by the Company and/or the                Subsidiary Undertaking under any hire purchase, conditional sale,                chattel                leasing or retention of title agreement or otherwise belonging to                a third                party, no event has occurred which entitles, or which upon intervention                or                notice by a third party may entitle, the third party to repossess                the                property or assets concerned or terminate the agreement or any licence                in                respect of the same. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.8 | Each                of the Company and the Subsidiary Undertaking is able to pay its                debts                within the meaning of section 123(1)(e) or section 123(2) of the                Insolvency Act 1986. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.9 | Neither                the Company nor the Subsidiary Undertaking has been party to any                transaction with any third party or parties which, in the event of                any                such third party going into liquidation or an administration order                or a                bankruptcy order being made in relation to it or him, would constitute                (in                whole or in part) a transaction at an undervalue, a preference, an                invalid                floating charge or an extortionate credit transaction or part of                a general                assignment of debts, under sections 238 to 245 (inclusive) and sections                339 to 344 (inclusive) of the Insolvency Act 1986. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15.10 | None                of the persons who at present is, or who at any time within the last                three                years was, a director or officer of the Company and/or the Subsidiary                Undertaking is, or at any material time was, subject to any                disqualification order under the Act (or the acts which it replaced                or                consolidated), the Insolvency Act 1985 or the Company Directors                Disqualification Act 1986. |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **16** | **INTELLECTUAL                PROPERTY** |
|--------|------------------------------------------|

| 16.1 | Complete                and accurate particulars are set out in the Disclosure Letter of                all                registered Intellectual Property Rights (including applications for                such                rights) and material unregistered Intellectual Property Rights owned,                used                or held for use by the Company and the Subsidiary                Undertaking. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16.2 | Complete                and accurate particulars are set out in the Disclosure Letter of                all                licences, agreements, authorisations and permissions (in whatever                form and                whether express of implied) under                which: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.1 | the                Company or the Subsidiary Undertaking uses or exploits Intellectual                Property Rights owned by any third party;                or |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.2 | the                Company or the Subsidiary Undertaking has licensed or agreed to license                Intellectual Property Rights to, or otherwise permitted the use of                any                Intellectual Property Rights by, any third                party. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.3 | Except                as set out in the Disclosure Letter, the Company or the Subsidiary                Undertaking is the sole legal and beneficial owner of (or applicant                for)                the Intellectual Property Rights set out in the Disclosure Letter,                free                from all Encumbrances. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.4 | The                Company and the Subsidiary Undertaking do not require any Intellectual                Property Rights other than those set out in the Disclosure Letter                in order                to carry on their activities. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.5 | The                Intellectual Property Rights set out in the Disclosure Letter are                valid,                subsisting and enforceable and nothing has been done or not been                done as a                result of which any of them has ceased or might cease to be valid,                subsisting or enforceable. In                particular: |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.5.1 | all                application and renewal fees and other steps required for the maintenance                or protection of such rights have been paid on time or                taken; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.5.2 | all                confidential information (including know-how and trade secrets) owned                or                used by the Company or the Subsidiary Undertaking has been kept                confidential and has not been disclosed to third parties (other than                parties who have signed written confidentiality undertakings in respect                of                such information, details of which are set out in the Disclosure                Letter); |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 16.5.3 | so                far as the Sellers are aware, no trade mark or domain name identical                or                similar to any such rights has been registered, or is being used                by any                person in the same or a similar business to that of the Company or                the                Subsidiary Undertaking, in any country in which the Company or the                Subsidiary Undertaking has registered or is using that trade mark,                or                domain name; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.5.4 | there                are and have been no claims, challenges disputes or proceedings,                pending                or threatened, in relation to the ownership, validity or use of such                rights. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.6 | Nothing                is due to be done within 30 days of Completion the omission of which                would                jeopardise the maintenance or prosecution of any of the Intellectual                Property Rights owned or used by the Company or the Subsidiary Undertaking                that are registered or the subject of an application for registration. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.7 | So                far as the Seller's are aware, there has been no infringement by                any third                party of any of the Intellectual Property Rights set out in the Disclosure                Letter, nor any third party breach of confidence, passing off or                actionable act of unfair competition in relation to the business                and                assets of the Company or the Subsidiary Undertaking, and no such                infringement, breach of confidence, passing off or actionable act                of                unfair competition is current or                anticipated. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.8 | The                Sellers warrant on an ongoing basis with respect to the Sellers'                Intellectual Property owned by them, that, at the Completion Date                that the                Seller's Intellectual Property: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.8.1 | has                not been copied wholly or substantially from any other source, and                that                the use by the Company, the Subsidiary Undertaking or the Seller                of the                rights assigned to it will not infringe the rights of any third party;                and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 16.8.2 | have                not been licensed or assigned to any third                party. |
|--------|--------|--------------------------------------------------------------------------------------|

| 16.9 | The                agreements and licences set out in the Disclosure                Letter: |
|------|---------------------------------------------------------------------------------------------|

|  | 16.9.1 | are                valid and binding; |
|--|--------|---------------------------------------|

|   | 16.9.2 | have                not been the subject of any breach or default by any party or of                any event                which, with the giving of notice or lapse of time, would constitute                a                default; and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.9.3 | are                not the subject of any claim, dispute or proceeding, pending or                threatened. |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

| 16.10 | A                Change of Control of the Company or the Subsidiary Undertaking will                not                result in the termination of or materially affect any of the Intellectual                Property Rights set out in the Disclosure                Letter. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.11 | The                activities of the Company and the Subsidiary Undertaking and of any                licensee of Intellectual Property Rights granted by the Company or                any of                the Subsidiaries: |
|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.11.1 | have                not infringed, do not infringe and are not likely to infringe the                Intellectual Property Rights of any third party;                or |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.11.2 | have                not constituted, do not constitute and are not likely to constitute                any                breach of confidence, passing off or act of unfair competition;                or |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.11.3 | have                not given and do not give rise to any obligation to pay any royalty,                fee,                compensation or any other sum                whatsoever. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **17** | **INFORMATION                TECHNOLOGY** |
|--------|-------------------------------------------|

| 17.1 | The                definitions in this paragraph apply in this                agreement. |
|------|------------------------------------------------------------------------------------------|

**IT      System**

----

**IT      Contracts**

| 17.2 | Complete                and accurate particulars of the IT System and all IT Contracts are                set out                in the Disclosure Letter. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.3 | Except                as provided in the IT Contracts, the Company and the Subsidiary                Undertaking own the IT System free from Encumbrances. The Company                and the                Subsidiary Undertaking have obtained all necessary rights from third                parties to enable them to make exclusive and unrestricted use of                the IT                System. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.4 | The                IT Contracts are valid and binding and no act or omission has occurred                that would constitute a breach of any such                contract. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.5 | There                are and have been no claims, disputes or proceedings arising or threatened                under any IT Contracts. |
|------|----------------------------------------------------------------------------------------------------------------------------------------|

| 17.6 | None                of the IT Contracts is liable to be terminated or materially affected                by a                Change of Control of the Company and/or the Subsidiary                Undertaking. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.7 | The                elements of the IT System: |
|------|-----------------------------------------------|

|   | 17.7.1 | are                functioning properly and materially in accordance with all applicable                specifications; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

|   | 17.7.2 | have                not been materially defective or materially failed to function during                the                last 2 years; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 17.7.3 | have                sufficient capacity and performance to meet the current and foreseeable                business requirements of the Company and the Subsidiary Undertaking                subject to the matters identified in the model attached as Appendix                1;                and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.7.4 | have                been satisfactorily and regularly maintained and the IT System has                the                benefit of appropriate maintenance and support                agreements. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.8 | The                Company and the Subsidiary Undertaking have implemented appropriate                procedures, for ensuring the integrity and security of the IT System                and                the confidentiality and integrity of all data stored in                it. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 17.9 | The                Company and the Subsidiary Undertaking have in place a disaster recovery                plan which is documented. A copy of the plan is attached to the Disclosure                Letter. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **18** | **DATA                PROTECTION** |
|--------|------------------------------------|

| 18.1 | No                personal data have been transferred outside the European Economic                Area. |
|------|----------------------------------------------------------------------------------------------------------|

| 18.2 | The                Company and the Subsidiary Undertaking                have: |
|------|--------------------------------------------------------------------------------|

|   | 18.2.1 | complied                in all respects with the Data Protection Act 1984 and the Data Protection                Act 1998 (together, the "**Act**");                and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 18.2.2 | so                far as the Sellers are aware but without having made any further                enquiries, established the procedures necessary to ensure continued                compliance with such legislation. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18.3 | Neither                the Company nor the Subsidiary Undertaking have received any notice                or                complaint under the Data Protection Act 1998 alleging non-compliance                with                the Act. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 18.4 | The                Company and the Subsidiary Undertaking have complied with their                obligations under the Privacy and Electronic Communications (EC Directive)                Regulations 2003 in respect of the use of electronic communications                for                direct marketing purposes. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **19** | **INSURANCES** |
|--------|----------------|

| 19.1 | Copies                of all insurance policies maintained by the Company and the Subsidiary                Undertaking are attached to the Disclosure                Letter. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.2 | So                far as the Sellers are aware, each of the insurance policies maintained                by                the Company or the Subsidiary Undertaking is valid and enforceable                and is                not void or voidable. So far as the Sellers are aware, the Company                or the                Subsidiary Undertaking has not done anything or omitted to do anything                which might make of its insurance policies void or                voidable. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19.3 | No                claim is outstanding under any of the insurance policies and so far                as the                Sellers are aware no matter exists which might give rise to a claim                under                any of the insurance policies. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **20** | **INFORMATION                SUPPLIED** |
|--------|-----------------------------------------|

|   | All                information contained in this Agreement and the Disclosure Letter is true                and accurate in all material                respects. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Part      2**

**Limitations      on Sellers' Liability**

| 1. | **Financial                Limits** |
|----|-------------------------------------|

| 1.1 | The                Sellers shall not be liable in respect of any Warranty Claim or Tax                Covenant Claim except to the extent that they have a liability in                respect                of that Warranty Claim or Tax Covenant Claim in excess of £2,500,                excluding any liability for costs and interest, in which event, subject                to                paragraph 1.2, the Buyer shall be entitled to claim the whole amount                of                such Warranty Claim or Tax Covenant Claim and not merely the                excess.  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.2 | The                Sellers shall not be liable in respect of any Warranty Claim (but                excluding any Warranty Claim in respect of breach of any of the Tax                Warranties) unless they have an aggregate liability in respect of                all such                Warranty Claims (excluding all Warranty Claims for which the Sellers                have                no liability by reason of paragraph 1.1 and excluding any Warranty                Claim                in respect of breach of any of the Tax Warranties) in excess of £2,500,                excluding any liability for costs and interest,                in which event the Buyer shall be entitled to claim the whole amount                of                such Warranty Claim and not merely the                excess. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.3 | The                Sellers shall not be liable in respect of any Warranty Claim in respect                of                breach of any of the Tax Warranties or Tax Covenant Claim unless                they have                an aggregate liability in respect of all such Warranty Claims (excluding                all Warranty Claims for which the Sellers have no liability by reason                of                paragraph 1.1) and Tax Covenant Claims in excess of £2,500, excluding any                liability for costs and interest, in which event the Buyer shall                be                entitled to claim the whole amount of such Warranty Claim and/or                such Tax                Covenant Claim and not merely the                excess. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.4 | For                the purposes of this paragraph 1, a Warranty Claim which is based                on more                than one event or circumstance, each of which would separately give                rise                to a Warranty Claim, shall be treated as a separate Warranty Claim,                as the                case may be, in respect of each event or circumstance but for the                avoidance of doubt a number of Warranty Claims arising out of the                same                circumstances shall be treated as a single Warranty Claim provided                that                the Buyer shall not be entitled to recover Losses in respect of any                Warranty Claim where to do so would involve recovery more than once                in                respect of the same loss or damage. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.5 | The                aggregate liability of the Founders for all Warranty Claims and Tax                Covenant Claims, any liability for costs and interest, shall not                exceed                the Consideration paid and payable to the Founders. The liability of                each of Matthew Barkway and Andrew Southon for all Warranty Claims                and Tax                Covenant Claims, any liability for costs and interest shall not to                each of                them exceed the Consideration paid and                payable. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | **Notices** |
|----|-------------|

| 3. | **Time                Limits** |
|----|--------------------------------|

| 3.1 | The                Sellers shall not be liable in respect of any Warranty Claim unless                notice                of that Warranty Claim is given in accordance with paragraph 2, or                paragraph 7 of Part 1 of Schedule 4 in the case of a Warranty claim                for                breach of any of the Tax Warranties, and in the case of a Warranty                Claim,                is received by them: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.1.1 | on                or before the expiry of [**] from the Completion Date in the case                of a                Warranty Claim for breach of any of the Warranties other than the                Tax                Warranties; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.2 | on                or before the [**] anniversary of the Accounts Date in the case of                a                Warranty Claim for breach of the Tax                Warranties. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Where                notice has been given in respect of any Warranty Claim, save for                a                Warranty Claim for breach of any of the Tax Warranties, then that                Warranty                Claim shall be deemed to have been irrevocably withdrawn and lapsed                unless                proceedings in respect of that claim have been issued and served                on the                Sellers not later than the expiry of [**] from the date of that notice                or                the Warranty Claim is satisfied, settled or withdrawn before that                date. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Where                notice has been given in respect of any Warranty Claim for breach                of any                of the Tax Warranties then that Warranty Claim shall be deemed to                have                been irrevocably withdrawn and lapsed unless proceedings                in respect of that claim have been issued and served on the Sellers                not                later than [**] or the Warranty Claim is satisfied, settled or withdrawn                before that date. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | **Exclusion                of liability: general**** ** |
|----|--------------------------------------------------------------|

| 4.1 | The                Sellers shall not be liable in respect of any Warranty Claim to the                extent                that the matter giving rise to such Warranty                Claim: |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.1 | is                fairly disclosed in the Disclosure Letter or in any of the documents                attached to the Disclosure Letter;                or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.1.2 | was                within the actual or constructive knowledge of the Buyer, the Buyer's                Solicitors or KPMG LLP at the date of this                Agreement. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | The                Sellers shall not be liable (or such liability shall be reduced)                in                respect of a Warranty Claim to the extent that there is specific                provision                or reference in the Accounts or reasonable details apparent on the                face of                the Accounts in respect of the matter relating to the subject of                the                Warranty Claim. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.3 | The                Sellers shall not be liable in respect of a Warranty Claim to the                extent                that the matter giving rise to the Warranty Claim results                from:  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.1 | any                act or omission before Completion carried out or omitted at the request                or                with the express written approval of the Buyer;                or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.2 | any                change after Completion in the accounting policies or practices used                in                preparing the Accounts; or |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.3 | any                reorganisation or change after Completion in the ownership of the                Shares;                or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.4 | any                act, event, occurrence or omission after the date of this Agreement                compelled by law, or from the enactment, amendment or change in the                interpretation after that date, of any statute, regulation or practice                of                any governmental, regulatory or other body, including a Tax Authority,                whether or not having retrospective effect, or any change after the                date                of this Agreement in the rate of                Taxation. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | The                Sellers shall not be liable in respect of any Warranty Claim, save                for a                Warranty Claim for breach of any of the Tax Warranties, to the extent                that                the matter giving rise to the Warranty Claim constitutes a contingent                liability of the Company or the                Subsidiary Undertaking or relates to a liability which is not capable                of                being quantified until such liability becomes an actual liability                of the                Company or the Subsidiary Undertaking or becomes capable of being                quantified and, in either case, as long as any Warranty Claim arising                by                reason of a contingent liability has been notified to the                Sellers                in                accordance with paragraph 2 then paragraph 3 shall be amended in                relation                to such Warranty Claim so as to require that legal proceedings be                commenced prior to the later of the expiry of [**] from the date                on which                the liability ceases to be contingent and the expiry of [**] from                the                Completion Date.  |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | **Conduct                of Claims** |
|----|--------------------------------------|

| 5.1 | If                the Buyer or the Company becomes aware of any matter which it believes                would or might give rise to a Warranty Claim (taking no account of                paragraph 1.2 for these purposes) and the Buyer or the Company has                a right                to make recovery or claim indemnity from any third party (including                under                any policy of insurance) in relation to that matter, then the Buyer                shall                promptly notify the Sellers of the                right. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | If                any sum is paid by or on behalf of the Sellers in satisfaction of                a                Warranty Claim, and the Buyer or the Company has or subsequently                acquires                a right to make recovery or claim indemnity from any third party                (including under any policy of insurance) in respect of the matter                giving                rise to that Warranty Claim, the Buyer shall promptly notify the                Sellers                of the right. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | The                Buyer shall have conduct of any and all litigation or negotiation                provided                that it shall continue to consult with the Sellers with respect to                the                matter in question. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.4 | If                there is any dispute between the Sellers and the Buyer as to whether                liability in respect of any third party claim should be admitted                or                whether that claim should be settled or compromised, liability shall                not                be admitted, and that claim shall not be settled or comprised, other                than                in accordance with the provisions of this paragraph. Any such dispute                shall be referred to leading counsel agreed between the Sellers and                the                Buyer or, in default of agreement on or before the date falling [**]                after                the date on which an individual is first proposed for the purpose                by                either the Sellers or the Buyer, by the President for the time being                of                the Law Society of England and Wales on the application of either                the                Sellers or the Buyer. Any individual to whom a dispute is so referred                shall be instructed in writing to give a written opinion, as soon                as is                reasonably practicable, as to which of the courses of conduct proposed                by                the Buyer and by the Sellers is most likely to result in the third                party                claim being agreed, settled or compromised at the least cost to the                Sellers. The decision of counsel (who shall act as expert and not                as                arbitrator) shall be final and binding on the Buyer and the Sellers                for                all purposes. Counsel's fees and expenses shall be borne by the Sellers                and the Buyer as counsel may determine in his sole discretion or,                if no                such determination is made, by the Sellers and the Buyer in equal                shares.                The parties shall then implement counsel's decision as soon as is                reasonably practicable. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.5 | To                the extent that the Buyer or the Company receives any sum or other                benefit                by reason of the enforcement of any rights such as are referred to                in                paragraphs 5.1 or 5.2, then either the Sellers' liability in relation                to                such Warranty Claim or potential Warranty Claim shall be reduced                by the                Amount Recovered, or if any sum has already been paid by or on behalf                of                the Sellers in satisfaction of a Warranty Claim, then the Buyer shall                pay                the Amount Recovered to the Sellers on or before the date falling                five                Business Days after the date on which that receipt or saving is made.                For                the purposes of paragraph 1.2 of this schedule, the Sellers shall                be                deemed never to have been liable to the Buyer in respect of the Amount                Recovered. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | For                the purposes of paragraph 5.5 of this schedule, the "**Amount                Recovered**"                shall be equal to so much of the sum or benefit received by reason                of the                enforcement of any rights such as are referred to in paragraphs 5.1                or 5.2                as does not exceed the amount claimed by the Buyer in relation to                such                Warranty Claim or (as the case may be) the payment by or on behalf                of the                Sellers in satisfaction of the relevant Warranty Claim, less any                Taxation                payable by the Buyer or the Company in respect of that receipt and                less                all reasonable costs and expenses of the Buyer and the Company in                recovering that receipt or                saving. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | **Sellers'                rights to information**** ** |
|----|-------------------------------------------------------------|

| 7. | **Remedies**** ** |
|----|------------------------|

| 8. | **Relief** |
|----|------------|

| 8.1 | The                amount of any Warranty Claim shall take into account the relief from                Taxation arising by virtue of the loss or damage in respect of which                the                Warranty Claim was made. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Nothing                in this Agreement shall derogate from the Buyer's obligation to mitigate                any loss which it suffers in consequence of a breach of the                Warranties. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 8.3 | The                Buyer for itself and the Buyer's Group warrants and represents to                the                Sellers (and accepts that the Sellers are relying upon this warranty                and                representation in entering into this Agreement) neither it nor any                of its                agents or advisers, from the written information provided to it by                the                Sellers, is aware, as of the date of this Agreement, of any matter                or                thing which it knows to be inconsistent with the Warranties or to                constitute a breach of the                Warranties. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | **Tax                Warranty Claims** |
|----|----------------------------------------|

----

**Schedule      4**

**Part      1**

**Tax      Covenants**

| **1** | **Definitions                and Interpretation** |
|-------|---------------------------------------------------|

|   | **1.1** | **Definitions** |
|--------|---------|-----------------|

**Accounts      Relief**

**Event**

|   | 1.1.1 | any                reference to an Event occurring shall include any Event which is                deemed to                have occurred; and |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.1.2 | any                reference to an Event occurring on or before a particular date shall                include an Event which is deemed to have occurred on or before that                date. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Group      Relief**

----

**Post      Accounts Date Relief**

**Buyer      Relief**

**Relevant      Amount**

**Relief**

|   | 1.2 | **Construction**.                References to any English legal term for any action, remedy, method                of                judicial proceedings, legal document, legal status, court, official                or any                legal concept or thing shall in respect of any jurisdiction other                than                England be deemed to include what most nearly approximates in that                jurisdiction to the English legal                term. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.3 | **Instalment                payments of Tax**.                Any reference in this Schedule to a liability to or for Tax shall                include                a liability to make an instalment payment of                Tax. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | **Deemed                accounting period closure**.                For the purposes of determining any liability of the Sellers under                paragraph 2 of this Schedule an accounting period of each Group Company                shall be deemed to have closed on                Completion. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 1.5 | **Meaning                of** **"Indemnify"**.                In this Schedule, unless otherwise specified, references to "**indemnify**"                or "**indemnifying**"                any person against any circumstance include indemnifying and keeping                him                harmless from all actions, claims and proceedings from time to time                made                against that person and all loss or damage and all payments, costs                or                expenses made or incurred by that person as a consequence of or which                would not have arisen but for that                circumstance. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.6 | **Meaning                of "75% subsidiary"**.                In this Schedule, a Group Company is a 75% subsidiary of another                Group                Company if it is a 75% subsidiary of the Group Company for the purposes                of                sections 838(1) and 413(7) of the Taxes                Act. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2** | **Covenant**  |
|-------|--------------------|

|   | 2.1 | **Covenant                to pay Tax Liabilities.**                Subject to the provisions of paragraph 3 of this Schedule, [**] covenant                to the Buyer to pay to the Buyer on                the due date in the Due Proportions (for the avoidance of doubt,                so far as                possible by way of adjustment to the consideration for the sale of                the                Shares) an amount equal to any of the                following: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.1 | any                liability of any Group Company for Tax arising as a consequence of                or by                reference to any Event occurring on or before the Completion                Date; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.2 | any                liability of any Group Company for Tax which would not have arisen                but for                the loss, reduction, modification or disallowance of an Accounts                Relief as                a consequence of or by reference to any Event occurring on or before                the                Completion Date; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.1.3 | any                liability of any Group Company for Tax in respect of which the Sellers                would have been liable under paragraph 2.1.1 but which is not payable                as a                consequence of or by reference to the use or set-off of a Buyer                Relief; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.4 | the                amount which would have been obtained but for the loss, disallowance                or                reduction of any right to repayment of Tax (including any repayment                supplement or interest) or non-receipt of payment or other consideration                for the surrender of group relief which has been treated as an asset                in                the Accounts or has been taken into account in computing (and so                reducing                or eliminating) any provision for deferred Tax appearing or which                would                have appeared in the Accounts; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.5 | any                liability of the Buyer or any Group Company for reasonable costs                or                expenses reasonably and properly incurred by the Buyer or the relevant                Group Company in connection with any successful claim under this                Schedule,                or successfully taking or defending any action under this                Schedule; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.6 | any                liability of any Group Company for Tax which the relevant Group Company                is                or became liable to discharge by virtue of its relationship with                any                person (other than another Group Company or any member of the Buyer's                Group) at any time before                Completion; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.7 | any                liability of any Group Company for Tax arising as a consequence of                the                payment of the Deferred                Consideration; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.8 | any                liability to repay to any person other than a Group Company the whole                or                part of any payment received for group relief, or make a payment                for group                relief, in each case pursuant to any agreement or arrangement entered                into                on or before Completion; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.1.9 | any                liability of any Group Company for Tax arising as a consequence of                or in                connection with any loan, advance or dividend paid by any Group                Company.  |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3** | **Limitations                on Liability** |
|-------|---------------------------------------------|

|   | 3.1 | The                Sellers shall not be under any liability under this part of this                Schedule                to the extent that: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.1 | provision                or reserve for such liability is made or reflected in the Accounts                including any provision or reserve made in respect of deferred tax                or                payment or discharge of such liability was taken into account                therein; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.2 | the                liability arises or is increased as a result of any retrospective                change                or changes in the tax rates or in the law of taxation announced after                the                date of this Agreement (including any retrospective change in published                practice of any Tax Authority which is published in a form intended                to be                made available to taxpayers                generally); |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.3 | the                liability would not have arisen but for a voluntary transaction,                action or                omission by a Group Company or the Buyer at any time after Completion                other than any such transaction, action or                omission: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | which                occurred after Completion in the ordinary course of business of the                relevant Group Company or the Buyer as conducted at Completion; or |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | which                it was outside the power of the relevant Group Company or the Buyer                to                prevent or was pursuant to a legally binding obligation entered into                by                the relevant Group Company before Completion; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.4 | the                liability would not have arisen or would have been reduced or eliminated                but for a failure on the part of any Group Company to make any claim,                election, surrender or disclaimer or give any notice or consent or                do                anything after Completion the making, giving or doing of which was                taken                into account in the Accounts and in relation to which the Seller                has given                the Buyer reasonable notice of the requirement to make such claim,                election, surrender or disclaimer or to give such notice or consent                or do                such act after Completion; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.5 | the                liability arises from or is increased                by: |
|--|-------|-----------------------------------------------------------------------------|

|   | (i) | any                change of the accounting reference date of a Group Company on Completion                or any subsequent change thereafter;                or |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                change after Completion in accounting policy or the basis upon which                a                Group Company values its assets save where such change in accounting                policy or basis of valuation is necessary to comply with generally                accepted accounting standards and policies applicable to the relevant                accounting periods; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.6 | the                liability would not have arisen but for the loss, reduction, modification                or disallowance of any relief for trading losses (other than a Buyer's                Relief) which would otherwise have been available to a Group Company                but                for cessation of trade, or a change in the nature or conduct of the                trade                carried on by the relevant Group Company after Completion or the                transfer                of any trade or business or any reconstruction or reorganisation                of the                share capital of the relevant Group Company occurring after                Completion; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.1.7 | the                liability arises as a result of or is otherwise attributable to any                voluntary disclaimer of or revision after Completion of a claim for                capital or other allowances in respect of any period ending on or                before                the Accounts Date; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.8 | the                liability relates to stamp duty or stamp duty reserve tax arising                out of                the transfer of the Shares or agreement to transfer the                Shares; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.9 | the                liability would not have arisen but for anything done or omitted                to be                done at the written request of the                Buyer; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.10 | the                liability has been satisfied by the Sellers by reason of being liable                for                such Tax under section 767A or 767AA of the Taxes Act or liable to                the                Buyer under any other statutory                provision; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | For                the avoidance of doubt, paragraphs 1.1, 1.3 and 1.5 of Part 2 of                Schedule                3 shall apply in respect of any Tax Covenant                Claim. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | The                Sellers shall not be liable in respect of any claim under this Schedule,                unless notice of such claim has been given in accordance with paragraph                7                before or on 31 December 2014. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4 | If                the Buyer is entitled to claim under this Schedule or under the Tax                Warranties in respect of the same subject matter, the Buyer may claim                under either or both, but payments under this Schedule shall be treated                as                being made in satisfaction of the claim for breach of Tax Warranty                in                respect of the same subject matter and vice versa. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| **4** | **Mitigation** |
|-------|----------------|

|   | 4.1 | **Mitigation                of liability**.                The Buyer shall, to the extent permitted by law, at the direction                of the                Sellers, procure that each Group Company will take all such steps                as the                Sellers may reasonably require to use any Relief (other than any                Buyer                Relief) available (provided the Sellers indemnify and secure the                relevant                Group Company to its reasonable satisfaction in respect of any cost                incurred in order to secure the Relief) to mitigate or eliminate                any                liability for Tax for which the Sellers would be liable under this                Schedule, such Relief to be used in priority to Reliefs arising after                Completion in so far as may be permissible under applicable Tax law,                and                at the Sellers' expense deliver to the Sellers a certificate from                the                auditors of the relevant Group Company for the time being confirming                that                all such Reliefs have been so used **Provided                that**this                paragraph 4.1 shall not prejudice any rights of the Buyer under this                Schedule. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5** | **Over-Provisions,                Reliefs, etc** |
|-------|--------------------------------------------------|

|  | 5.1 | **Over-provisions**.                If the auditors for the time being of any Group Company shall certify                at a                time when the relevant Group Company is a 75 per cent subsidiary                of the                Buyer (at the request made within three years of Completion and expense                of                the Sellers) that any provision for Tax in the Accounts has proved                to be                an over-provision, then the amount of such over-provision shall be                dealt                with in accordance with paragraph                5.3. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.2 | **Reliefs**.                If the auditors for the time being of any Group Company shall certify                (at                the request and expense of the Sellers) that any Tax which has resulted                in                a payment having been made or becoming due from the Sellers under                this                Schedule has given or will give rise to a Relief (other than an Accounts                Relief) for any Group Company which would not otherwise have arisen                and                which has given rise to a reduction in Tax of any Group Company for                which                the Sellers are not liable under this Schedule, then the amount by                which                that liability is so reduced shall be dealt with in accordance with                paragraph 5.3. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3 | **Set-off                of Relevant Amounts**.                Where it is provided under paragraph 5.1 or 5.2 that any amount (the                "**Relevant                Amount**")                is to be dealt with in accordance with this paragraph the Relevant                Amount                shall first be set off against any payment then due from the Sellers                under                this Schedule then second to the extent that there is an excess a                refund                shall be made to the Sellers of any previous payment or payments                made by                the Sellers under this Schedule (and not previously refunded under                this                Schedule) up to the amount of the excess and then third to the extent                that                there remains an excess the remainder of that excess shall be carried                forward and set of against any future payment or payments which become                due                from the Sellers under this                Schedule. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4 | **Auditors'                certificate**.                Where any such certification as is mentioned in paragraph 5.1 or                5.2 has                been made, the Sellers or the Buyer or any Group Company may request                the                auditors for the time being of the relevant Group Company to review                (at                the expense of the requesting party) such certification in the light                of                all relevant circumstances, including any facts which have become                known                only since such certification, and to certify whether such certification                remains correct or whether, in the light of those circumstances,                the                amount that was the subject of such certification should be                amended. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.5 | **Effect                of Auditors certificate.**                If                the auditors certify under paragraph 5.4 that an amount previously                certified should be amended, that amended amount shall be substituted                for                the purposes of paragraph 5.3 as the Relevant Amount in respect of                the                certification in question in place of the amount originally certified,                and                such adjusting payment (if any) as may be required by virtue of the                above-mentioned substitution shall be made as soon as practicable                by the                Sellers or Buyer as appropriate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6** | **Recovery                from other Persons** |
|-------|------------------------------------------------|

|   | 6.1 | **Recovery                from other persons**.                If, in the event of any payment becoming due from the Sellers under                paragraph 2, a Group Company either is immediately entitled at the                due                date for the making of that payment to recover from any person (not                being                a Group Company or the Sellers, but including any Tax Authority)                any sum                in respect of the liability that has resulted in that payment becoming                due                from the Sellers, or at some subsequent date becomes entitled to                make such                a recovery, then the Buyer shall procure that the Group Company entitled                to make that recovery shall (in either of those cases) notify the                Sellers                of its entitlement and shall within a reasonable period of it becoming                aware of the entitlement, if so required by the Sellers, take all                appropriate steps to enforce that recovery (keeping the Sellers fully                informed of the progress of any action taken) and shall if the Sellers                has                made a payment under paragraph 2 in respect of the Liability in question                account to the Sellers for whichever is the lesser                of: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.1 | any                sum so recovered (including any interest or repayment supplement                paid by                the Tax Authority or other person on or in respect thereof less any                Tax                chargeable on the relevant Group Company in respect of that interest);                and |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.2 | the                amount paid by the Sellers under paragraph 2 in respect of the liability                in question, |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

**Provided      that**

| **7** | **Conduct                of Tax Affairs** |
|-------|-------------------------------------------|

|  | 7.1 | **Interpretation**.                In this paragraph: |
|--|-----|-------------------------------------------------------|

|   | 7.1.1 | "Potential                Liability" means a liability to or claim for Tax which may result                in a                claim against the Sellers under this Schedule, or which may do so                if                paragraph 3 of this Schedule were not to                apply; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.1.2 | "Relevant                Period" means: |
|--|-------|-----------------------------------------|

|   | (i) | in                relation to corporation tax, any accounting period ended on or before                the                Accounts Date; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | in                relation to any other Tax, any period ended before Completion in                respect                of which the relevant Group Company is required to make a return                or a                payment to a Tax Authority. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **7.2** | **Potential                Liabilities.** |
|--------|---------|-------------------------------------------|

|   | 7.2.1 | **Notification**.                If the Buyer or any Group Company becomes aware of a Potential Liability                of which the Sellers are not then aware the Buyer shall give written                notice thereof to the Sellers (which notice shall set out reasonable                particulars of the basis and amount of such Potential Liability to                the                extent that the same are available) as soon as reasonably practicable                and                in any event within 25 Business Days of first so becoming aware. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.2.2 | **Conduct**.                The Buyer shall have sole conduct of all tax affairs of the Company                and                the Subsidiary Undertaking. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.2.3 | **Buyer                obligations** |
|--|-------|--------------------------------------|

|   | (i) | **Action**.                Provided that the Sellers indemnify and secure the Buyer and the                relevant                Group Company to the reasonable satisfaction of the Buyer against                all                losses, liabilities, costs, damages and expenses (including any further                liability to Tax or interest on overdue Tax) which may thereby be                incurred, the Buyer shall take, or shall procure that the relevant                Group                Company shall take, such action as the Sellers may reasonably request                in                writing to avoid, dispute, resist, defend, appeal or compromise any                Potential Liability; provided that where the Potential Liability                has to be                paid before an appeal can be made or before any other action requested                by                the Sellers can be taken, the Buyer shall not be obliged to take                or                procure that the relevant Group Company take such action until the                Sellers                shall have paid to the Buyer for the purpose of discharging the Potential                Liability, an amount equal to the said                liability. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | **Timing**.                The Buyer shall or shall procure that the relevant Group Company                takes any                action pursuant to sub-paragraph (i) above as soon as reasonably                practicable and shall use its reasonable endeavours to procure that                any                action is taken within the time limit for the valid taking of such                action,                provided that if such time limit has expired and the taking of such                action                might be validated by the exercise of judicial or administrative                discretion, and the Sellers so request not more than 15 days after                expiry                of such time limit, the Buyer shall procure that the relevant Group                Company requests that such discretion be exercised in favour of the                relevant Group Company and, if such discretion is so exercised and,                if so                required under paragraph (i) above that the relevant Group Company                takes                such action. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (iii) | **Examples                of subject - matter of instructions**.                Without prejudice to the generality of this paragraph but subject                also to                the other provisions of this paragraph, the Buyer shall procure that                the                relevant Group Company gives consideration to the Sellers' reasonable                instructions with regard to: |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | the                form and content of documents to be served, lodged or disclosed in                connection with any proceedings taken by the relevant Group Company                pursuant to paragraph (i) above and the extent of any such disclosure                or                of any disclosure in response to enquiries which is reasonable to                suppose                might lead to such proceedings being                taken; |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | the                choice of, and the content of instructions to, solicitors and Counsel                for                the purposes of any such                proceedings; |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | - | the                choice of witnesses and the subject matter of their witness                statements; |
|--------|---|-----------------------------------------------------------------------------------------------------------|

|   | - | the                choice (in conjunction with the Sellers' advisers and Counsel) of                arguments to be advanced or points to be conceded in any such proceedings;                and |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | the                lodging or contesting of any appeals, any tactical decisions and                any                decisions in response to any offers of settlement in connection with                such                proceedings. |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 7.2.4 | **Buyer                Protection** |
|--|-------|-------------------------------------|

|   | (i) | **Appeals**.                Neither the Buyer nor any Group Company shall be obliged to take                any                action pursuant to this paragraph 7.2 which involves contesting a                Potential Liability beyond the first appellate body (excluding the                authority or body demanding the Tax in question) in the jurisdiction                concerned unless the Sellers at their own expense and after disclosure                of                all relevant information obtain and deliver to the Buyer the written                opinion of tax Counsel of appropriate experience to the effect that                appealing or defending an appeal in respect of the Potential Liability                will on a balance of probabilities be successful. The Buyer shall                have the                right to submit to tax Counsel any matters or arguments which in                the                reasonable opinion of the Buyer may be material for the proper                consideration of tax Counsel and shall have the right to attend any                consultation with tax Counsel. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (ii) | **Settling                claims**.                The Buyer or any Group Company may compromise, settle, discharge                or                otherwise deal with any Potential Liability without reference to                the                Sellers if the Sellers at any time notify the Buyer that they do                not wish                to exercise their rights under this paragraph 7 or if the Sellers                do not                request the Buyer in writing to take any appropriate action within                [**] of                notice to the Sellers given pursuant to paragraph 7.2.1or if the                Sellers                fail to indemnify and secure the Buyer and the relevant Company to                the                reasonable satisfaction of the Buyer within a period of time (commencing                with the date of the notice given to the Sellers) that is reasonable                having regard to the nature of the Potential Liability and the existence                of any time limit in relation to avoiding, disputing, defending,                resisting, appealing or compromising such Potential Liability and                which                period will not in any event exceed a period of [**]. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **7.3** | **Buyer                conduct** |
|--------|---------|----------------------------------|

|   | 7.3.1 | **Conduct**.                The Buyer shall have sole conduct of all tax affairs of each Group                Company. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------|

|   | 7.3.2 | **Assisting                the Buyer**.                The Sellers shall give the Buyer and/or the relevant Group Company                all                assistance as may reasonably be required to enable the Buyer and/or                the                relevant Group Company to deal with the tax affairs of the Companies                which                are not Sellers Conduct Matters, Sellers Appeals or Potential Liabilities                of which the Sellers have conduct. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 7.3.3 | **Keeping                the Sellers informed**.                The Buyer shall procure that: |
|--|-------|-----------------------------------------------------------------------------------------------|

|   | (i) | the                Sellers receive copies of all draft corporation tax returns, computations,                amended returns and material correspondence relating thereto in respect                of                each Group Company for its pre-Completion Period;                and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | any                representations made promptly, and in any event within seven days                after                provision of the returns, computations, amended returns and/or                correspondence referred to above, will be considered reasonably and                in                good faith. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **8** | **Due                Date of Payment** |
|-------|----------------------------------------|

|   | 8.1 | **Due                date of payment**.                Where the Sellers become liable to make any payment under paragraph                2, the                due date for the making of that payment in cleared funds shall                be: |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.1 | in                a case that involves an actual payment of Tax by the relevant Group                Company, the day preceding the date that is the last date on which                such                Group Company would have had to have paid to the appropriate Tax                Authority                the Tax that has given rise to the Sellers' liability under this                Schedule                in order to avoid incurring a liability to interest or a charge or                penalty                in respect of that Tax liability or in order to enable the liability                in                question to be appealed; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.2 | in                a case falling within paragraph 2.1.2 the day preceding the date                that is                the last date on which the Tax, which but for such loss, reduction,                modification or disallowance would have been saved, has to be paid                to the                appropriate Tax Authority in order to avoid incurring a liability                to                interest or a charge or penalty in respect of that                Tax; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.1.3 | in                a case falling within paragraph 2.1.3, the day payment would have                been due                under 8.1.1 above assuming the Post Accounts Date Relief had not                been used                or set off as envisaged in paragraph 2.1.3;                or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.4 | in                a case falling within paragraph 2.1.4 the date on which the repayment                of                Tax or payment or other consideration for the surrender of group                relief                would have been payable; or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 8.1.5 | in                a case falling within paragraph 2.1.5, within 30 days of                demand; |
|--|-------|---------------------------------------------------------------------------------------------------|

|   | 8.1.6 | in                any other case falling within paragraph 2, on the date on which the                relevant Group Company is required to meet such                liability; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | **Interest                for late payment**.                The Sellers shall not be liable to pay interest for late payment                to the                extent that such interest: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.1 | arises                only as a result of any failure to give notice of a Potential Liability                under paragraph 7.2.1 of this Schedule;                or |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.2 | in                respect of any period of time in relation to which interest is due                as a                liability for Tax under paragraph 2 of this                Schedule. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9** | **Deductions                from Payments** |
|-------|---------------------------------------------|

|   | 9.1 | **No                deductions or withholdings**.                All sums payable by the Sellers to the Buyer under this Schedule                shall be                paid free and clear of all deductions or withholdings whatsoever,                save                only as may be required by law. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 9.2 | **Gross-up                for deductions**.                If any deductions or withholdings are required by law to be made                from any                of the sums payable as mentioned in paragraph 9.1, the Sellers, save                where                the deduction or withholding would not have been required but for                any                assignment or novation of the Buyer's rights under this Agreement                or this                Schedule or change in residence or tax status of the Buyer or the                relevant                Group Company, shall be obliged to pay to the Buyer such sum as will,                after the deduction or withholding has been made (and allowing for                any                credit the Buyer is entitled to receive in respect of such deduction                or                withholding), leave the Buyer with the same amount as it would have                been                entitled to receive in the absence of any such requirement to make                a                deduction or withholding. The provisions of paragraphs 4, 5.2, 6 and 8                shall apply, mutatis mutandis, to any payment required under this                paragraph. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **10** | **Buyer                Covenants** |
|--------|------------------------------------|

|   | 10.1 | The                Buyer hereby covenants with the Sellers to pay an amount by way of                adjustment to the consideration for the sale of the Shares equal                to any                Tax paid by the Sellers under sections 767A, 767AA and 767B of the                Taxes                Act to the extent that such Tax is not of a type which would allow                it to                be claimed from the Sellers under paragraph 2 of this                Schedule. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | Paragraphs                4, 5.2, 6, 7, 8 and 9 shall apply to the covenants in this paragraph                as                they apply to the covenants in paragraph 2 mutatis                mutandis. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Schedule      4 **

**Part      2**

**Tax      Warranties**

| **1** | **Returns                and payment of Taxation** |
|-------|----------------------------------------------------|

|  | 1.1 | All                information, notices, accounts, statements, reports, computations                and                returns which ought to have been made have been properly and duly                submitted by each Group Company to the relevant Tax Authority within                the                required time period and are accurate, comply with each Group Company's                obligations under all applicable provisions within the relevant                jurisdiction (including but not limited to corporation tax                self-assessment, PAYE, US federal and state income tax, sales tax,                withholding tax and social security obligations), and are neither                the                subject of any dispute nor are the Sellers aware of any circumstances                under which anything contained in any such information, notices,                accounts,                statements, reports, computations or returns are likely to become                the                subject of any dispute. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.2 | All                Taxation for which each Group Company is liable including amounts                provided                for since the Accounts Date or for which each Group Company is liable                to                account have been duly provided for and no Group Company has incurred                any                liability to interest or penalties in respect of such                amounts. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.3 | No                Group Company is, nor has it been at any time since the date of its                incorporation, liable to pay, to reimburse or to indemnify any person                (including a Tax Authority) in respect of the Taxation liability                of a                third person whether or not as a consequence of that third person                failing                to discharge that liability. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 1.4 | No                Group Company has since the date of its incorporation paid or become                liable to pay and there are no circumstances by reason of which a                Group                Company is likely to become liable to pay, a fine or                penalty. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.5 | Each                Group Company has complied with all notices served on it by any Tax                Authority and no such notice remains                outstanding. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.6 | No                Group Company is subject to any control visit, audit, enquiry or                investigation by any Tax Authority and the Sellers are not aware                of any                circumstances that make it reasonable to expect that such a control                visit,                audit, enquiry or investigation will take place within the next [**]. |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 1.7 | The                Disclosure Letter gives all relevant particulars of any concession,                agreement or other formal or informal arrangement with any Tax Authority                which has affected the amount of Tax chargeable on or the amount                of any                Relief available to any Group Company and of any fact or circumstance                from                which it is reasonable to conclude that such concession, agreement                or                arrangement might not be available after Completion. |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2** | **Taxation                claims, liabilities and                reliefs** |
|-------|----------------------------------------------------------------------------|

|  | 2.1 | Details                of all matters relating to Taxation in respect of which each Group                Company                (either alone or jointly with any other person) has, or at Completion                will                have, an outstanding entitlement: |
|--|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2.1.1 | to                make a claim or election in respect of Taxation or any Relief; |
|--|-------|----------------------------------------------------------------------------------|

|  | 2.1.2 | to                make an appeal (including a further appeal) against an assessment                to                Taxation; |
|--|-------|--------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.1.3 | to                  make an application for the postponement of, or the payment by                  instalments                  of, any Taxation; or |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.4 | to                  disclaim or require the postponement of any allowance or                  relief, |
|--------|-------|-------------------------------------------------------------------------------------------------------|

|   | 2.2 | No                  Group Company has, or may become, liable to make any payment or                  reimbursement or give any indemnity in respect of Taxation, or                  any                  amounts, as a result of the failure of any person to discharge                  Taxation,                  where such Taxation relates to a profit, income or gain, transaction,                  event, omission or circumstance arising, occurring or deemed to                  arise or                  occur (wholly or partly) prior to                  Completion. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3** | **Tax                  residence and status** |
|-------|-----------------------------------------------|

|   | 3.1 | For                  the purposes of Taxation the Company has been resident in the United                  Kingdom at all times since its incorporation and will be so resident                  at                  Completion, and has never been resident in or liable to Taxation                  in any                  other jurisdiction for any Taxation                  purpose. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | For                  the purposes of Taxation the Subsidiary Undertaking has been resident                  in                  the United States of America at all times since its incorporation                  and will                  be so resident at Completion, and has never been resident in or                  liable to                  Taxation in any other jurisdiction for any Taxation                  purpose. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | No                  circumstances have occurred which could give rise to a liability                  on a                  Group Company under section 132 FA 1988 (Liability of other persons                  for                  unpaid tax) or sections 185 TCGA (Deemed disposal of assets on                  a Group                  Company ceasing to be United Kingdom tax resident) and no Group                  Company                  has been party to any election under section 187 TCGA (Postponement                  of                  charge on deemed disposal under section 185) or any equivalent                  provisions                  in the jurisdiction of the relevant Group                  Company. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.4 | The                  Company is a close company within the meaning of section 414 of                  ICTA. The                  Company is not nor has it at any time been a close investment holding                  company within the meaning of section 13A of                  ICTA. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.5 | No                  distributions within section 418 of ICTA or transfers of value                  within                  section 94 Inheritance Tax Act 1984 (charge on participators) has                  been                  made by any Group Company |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6 | No                  loan or advance within section 419 ICTA (loans to participators                  etc) has                  been made or agreed to be made by any Group Company and no Group                  Company                  has, since the Accounts Date, released or written off, and there                  is no                  agreement or arrangement for the release or writing off of the                  whole or                  part of the debt in respect of any such loan or advance. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.7 | Full                  disclosure has been made of any election or claim (including but                  not                  limited to any "check the box" election in respect of US taxation)                  that                  affects or may affect the Tax treatment of any Group Company. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **4** | **Corporation                  Tax on chargeable gains** |
|-------|----------------------------------------------------------|

----

| **5** | **Shares                  owned by directors or                  employees** |
|-------|------------------------------------------------------------------------------|

| **6** | **Value                  Added Tax** |
|-------|--------------------------------------|

|   | 6.1 | The                  Company: |
|--------|-----|-------------------------------|

|   | 6.1.1 | is                  a duly registered taxable person for the purposes of VAT and has                  complied                  fully with all statutory requirements, orders, provisions, directions                  or                  conditions relating to VAT; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | maintains                  and has at all times maintained complete, correct and up-to-date                  records                  for the purposes of the legislation relating to VAT and has preserved                  such                  records in such form and for such periods as are required by such                  legislation; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.3 | is                  not in arrears with any payment or returns required under any legislation                  relating to VAT and is not liable to any abnormal or non-routine                  payment,                  or any forfeiture or penalty or default surcharge, or to the operation                  of                  any penal provision or to pay any interest relating to                  VAT; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.4 | has                  not been required by HM Revenue & Customs to give security under any                  legislation relating to VAT; and |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.5 | is                  not and has never been a member of VAT group for the purposes of                  S.43                  VATA. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2 | The                  Subsidiary Undertaking is not                  and has never been registered, and is not and has never been required                  to                  be registered, as a taxable person for the purposes of VAT. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3 | The                  Disclosure Letter contains particulars of the prescribed accounting                  periods for VAT that apply to the Company. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4 | The                  Disclosure Letter contains all relevant particulars of any property                  in                  respect of which an election has been made to waive exemption from                  VAT                  under paragraph 2 of Schedule 10 to the VATA. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.5 | The                  Disclosure Letter contains all relevant particulars of any assets                  owned by                  any Group Company which are capital items that are subject to the                  capital                  goods scheme under Part XV of the VAT Regulations 1995. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **7** | **Stamp                  Duty**** ** |
|-------|-------------------------------------------|

----

| **8** | **Tax                  Avoidance** |
|-------|------------------------------------|

|   | 8.1 | No                  Group Company has incurred nor will any Group Company incur any                  Tax                  Liability as a consequence of the relevant Group Company entering                  into any                  scheme which has as its main purpose the avoidance of                  Tax. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | No                  Group Company has engaged in any transaction or entered into any                  arrangements in respect of which it is reasonably foreseeable that                  there                  may be substituted, or that any Tax Authority may seek to substitute,                  for                  the purposes of any Taxation, consideration that is different,                  in amount                  or in nature, from the actual consideration given or                  received. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **9** | **Miscellaneous** |
|-------|-------------------|

|   | 9.1 | The                  Company has not done or been party to the doing of anything which                  would be                  an offence under section 766 ICTA (offences in connection with                  creation,                  issue or transfer of shares or debentures of overseas                  companies). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2 | The                  Company is not required to bring into account for any Tax purposes                  any                  earnings, income, profits or gains of an entity which is resident                  for Tax                  purposes in a different jurisdiction from that of the relevant                  Group                  Company. In so far as UK Taxation is concerned, this refers to                  any amounts                  which might be required to recognised under Chapter IV Part XVII                  of ICTA                  (controlled foreign companies) or Section 13 TCGA (attribution                  of gains to                  members of certain non-resident                  companies). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3 | To                  the extent that the Group Company has an interest in a controlled                  foreign                  company (as defined in section 747 (1) and (2) ICTA), exemption                  from                  apportionment does not depend and has not in any accounting period                  of the                  Company ending within the last three years depended solely on the                  controlled company in question pursuing an acceptable distribution                  policy                  (as defined by Part 1 Schedule 25 ICTA) and/or satisfying the test                  set out                  in Section 748 (3) (the motive                  test). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 9.4 | For                  each accounting period of the relevant Group Company ending within                  the                  last three years, the Disclosure Letter contains all relevant details                  of: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.4.1 | any                  Double Taxation Relief arising to the Group                  Company; |
|--------|-------|--------------------------------------------------------------------------------------------|

|   | 9.4.2 | the                  utilisation of that Double Taxation Relief by way of credit against                  Tax or                  deduction in computing Tax by the Group                  Company; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.4.3 | the                  amounts (if any) of eligible unrelieved foreign tax (as defined                  by section                  896B ICTA) arising to the Group                  Company; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.4.4 | the                  amounts (if any) of Double Taxation Relief that the Group Company                  has been                  unable to utilise or to treat as eligible unrelieved foreign                  tax; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.4.5 | the                  extent (if any) by which the amount of Double Taxation Relief which                  would                  otherwise arise or be available for utilisation or treatment as                  eligible                  unrelieved foreign tax falls or has fallen to be restricted or                  which it is                  reasonably foreseeable that a Tax Authority will seek to treat                  as                  restricted by reason of: |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | the                  application of Section 795A (failure to minimise the foreign tax                  in                  question) or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the                  application of Sections 798 or 803 ICTA (relief restricted to amount                  arising on profit margin) or |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | the                  existence of, or there having been, any scheme or arrangement the                  purpose,                  or one of the main purposes, of which is or was to give rise to                  an amount                  of Double Taxation Relief |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

**Schedule        5**

**Intellectual        Property Rights**

| TM Number |   |   | Mark Text  |   |   | Type   |   |   | Date           |   |   | Status         |   |   | Classes |   |
|----------------|--------|--------|-----------------|--------|--------|--------|--------|--------|----------------|--------|--------|----------------|--------|--------|---------|--------|
| **2337771**    |   |   | **ATLANTISWEB** |   |   | **WO** |   |   | **15.07.2003** |   |   | **Registered** |   |   | **09**  |   |

----

**Schedule 6**

**Deferred        Consideration**

| **1.** | **Definitions** |
|--------|-----------------|

| 1.1 | In                  this schedule (unless inconsistent with the context or otherwise                  specified) the expressions defined in this paragraph shall have                  the                  meanings respectively set opposite them in that paragraph, and                  subject                  thereto the expressions defined in this Agreement shall have the                  same                  respective meanings wherever used in this                  schedule:- |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Agreed                  Operating Margins**" | : | the                  CMO percentage for the relevant period as set out in the model                  attached as                  Appendix 1 less [**]%. The operating margin shall be calculated                  using the                  [**] in the model attached as Appendix                  1; |
|--------|-------------------------------------------------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**Buyer's                  Auditors**" | : | the                  current auditors of the Buyer and any successor                  firm; |
|--------|-----------------------------------------|---|---------------------------------------------------------------------------------------------|

|   | "**Buyer's                  Group**" | : | the                  Buyer, its parent undertakings and its subsidiary undertakings                  from time                  to time and any subsidiary undertaking for the time being of a                  parent                  undertaking of the Buyer; |
|--------|--------------------------------------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **"CMO** | : | the                  margin from operations calculated in accordance with the methodology                  used                  by the Buyer's Group and as illustrated in Appendix                  1; |
|--------|----------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "**Deferred                  Consideration**" | : | the                  deferred consideration calculated in accordance with paragraph                  2 of this                  schedule; |
|--------|-----------------------------------------------|---|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | **"Earn                  Out Period"** | : | the                  period from the first day of the Fiscal Year 2008 to the last day                  of the                  Fiscal Year 2010; |
|--------|----------------------------------------|---|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**European                  IOI Revenues**" | : | IOI                  Revenues generated from clients based in Europe being the forty                  eight                  countries forming part of the continent which shall include the                  European                  Union and non-European Union                  countries; |
|--------|----------------------------------------------|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**European                  Union**" | : | an                  economic and political confederation of European nations which                  share a                  common foreign and security policy and co-operate on justice and                  home                  affairs created on 1 November 1993 by the Treaty for European Union                  (the                  Maastricht Treaty); |
|--------|---------------------------------------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | "**FCL                    Products**" |   | Software                    applications derived from or based on [**]; |
|--------|---------------------------------------|--------|-------------------------------------------------------------------------|

----

|   | **"Fiscal                    Year 2008"** |   | the                    twelve months commencing on 1 May                    2008; |
|--------|-------------------------------------------|--------|-----------------------------------------------------------------------------------|

|   | **"Fiscal                    Year 2009"** |   | the                    twelve months commencing on 1 May                    2009; |
|--------|-------------------------------------------|--------|-----------------------------------------------------------------------------------|

|   | **"Fiscal                    Year 2010"** |   | the                    twelve months commencing on 1 May                    2010; |
|--------|-------------------------------------------|--------|-----------------------------------------------------------------------------------|

|   | "**Global                  IOI Revenues**" | : | all                  IOI Revenues earned anywhere in the world, including European IOI                  Revenues; |
|--------|--------------------------------------------|---|-------------------------------------------------------------------------------------------------------------------|

|   | **"Independent                  Accountants"** | : | a                  firm of accountants of international standing appointed by agreement                  between the Buyer and the Sellers or, failing such agreement and                  within 3                  Business Days of either the Buyer or the Sellers requesting an                  appointment                  (following notice to the other) appended by the President for the                  time                  being of the Institute of Chartered Accountants in England and                  Wales; |
|--------|------------------------------------------------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **"IOI                  Group in FIX Division"**  | : | the                  Company, the Subsidiary Undertaking and the Buyer's existing IOI                  business                  (as Organically Grown); |
|--------|--------------------------------------------------------|---|----------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | **"IOI                  Revenues"**  | : | shall                  be defined to include revenues earned in any asset class from the                  following businesses: |
|--------|-------------------------------------------|---|---------------------------------------------------------------------------------------------------------------------------------|

|   |   | **[**]**; |
|--------|--------|-----------|

**"Other        Related Potential Business Opportunities"**

|   | (i)                     IOI integration professional services directly related to integrating                  current and future FCL Products with Buyer's Group products or                  third party                  products for use by a third party (which for these purposes shall                  exclude                  a Buyer's Group company) who will pay for such integration and                  for the                  avoidance of doubt shall not include the technical integration                  as set out                  in paragraph 2.2 below and any other integration, including but                  not                  limited to [**]; |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (ii) | [**] |
|--|------|------|

|   | PROVIDED                  THAT IOI Revenues shall include [**] save as provided in paragraph                  5.1.11. |
|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | "**Organically                  Grown**" | : | grown                  by the development of the existing business of the Company, the                  Subsidiary                  Undertaking and the Buyer's Group but excluding                  [**]; |
|--------|------------------------------------------|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | "**Viewer**" | : | A                  software application developed by the Company which is able to                  access and                  display messages and data shared within                  ioinet. |
|--------|--------------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **2.** | **Payment                  of Deferred Consideration** |
|--------|--------------------------------------------------------|

| 2.1 | As                  further consideration for the sale of the Shares, the Sellers shall                  be                  entitled to the following payments in addition to the payment to                  be made                  at Completion in accordance with Clause 3 (such payments to be                  divided                  between the Sellers pro rata on the basis of their shareholding                  in the                  Company as set out in column 3 of Schedule                  1): |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.1 | within                  thirty (30) days of the last Business Day of the first calendar                  month of                  the Fiscal Year 2009: |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | £[**],                  provided that the IOI Group in FIX Division has achieved not less                  than                  US$[**] of Global IOI Revenues in Fiscal Year                  2008; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | £[**],                  provided that the IOI Group in FIX Division has achieved not less                  than                  US$[**] of European IOI Revenues in Fiscal Year 2008;                  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | provided                  that the IOI Group in FIX Division has achieved not less than US$[**]                  of                  Global IOI Revenues in Fiscal Year 2008, a cash payment equal to                  [**]% of                  Global IOI Revenues in Fiscal Year 2008 up to US$[**], plus [**]%                  of                  Global IOI Revenues in Fiscal Year 2008 between US$[**] and US$[**],                  plus[**]% of Global IOI Revenues in Fiscal Year 2008 in excess                  of                  US$[**]. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.1.2 | within                  thirty (30) days of the last Business Day of the first calendar                  month                  after the end of Fiscal Year 2009: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | £[**],                  provided that the IOI Group in FIX Division has achieved not less                  than                  US$[**] of Global IOI Revenues in Fiscal Year                  2009; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | £[**],                  provided that the IOI Group in FIX Division has achieved not less                  than                  US$[**] of European IOI Revenues in Fiscal Year 2009;                  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | provided                  that the IOI Group in FIX Division has achieved not less than US$[**]                  of                  Global IOI Revenues in Fiscal Year 2009, a cash payment equal to                  [**]% of                  Global IOI Revenues in Fiscal Year 2009 up to US$[**], plus [**]%                  of                  Global IOI Revenues in Fiscal Year 2009 between US$[**] and $[**],                  plus                  [**]% of Global IOI Revenues in Fiscal Year 2009 in excess of                  US$[**]. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.1.3 | within                  thirty (30) days of the last Business Day of the first calendar                  month                  after the end of Fiscal Year 2010: |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | £[**],                  provided that the IOI Group in FIX Division has achieved not less                  than                  US$[**] of Global IOI Revenues in Fiscal Year                  2010; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | £[**],                  provided that the IOI Group in FIX Division has achieved not less                  than                  US$[**] of European IOI Revenues in Fiscal Year 2010;                  and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | provided                  that the IOI Group in FIX Division has achieved not less than US$[**]                  of                  Global IOI Revenues in Fiscal Year 2010, a cash payment equal to                  [**]% of                  Global IOI Revenues in Fiscal Year 2010 up to US$[**], plus [**]%                  of                  Global IOI Revenues in Fiscal Year 2010 between US$[**] and $[**],                  plus                  [**]% of Global IOI Revenues in Fiscal Year 2009 in excess of                  US$[**]; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | In                  addition, as further consideration for the sale of the Shares,                  the Sellers                  shall be entitled to the sum of US$1,000,000 on the successful                  technical                  integration (as defined below in this clause) of the combined IOI                  service                  of the Seller and the Buyer for customer use as soon as possible                  but in                  any event within six months of Completion. The Buyer and Sellers                  shall                  work together to accomplish the successful technical integration                  of the                  combined IOI service as early as is commercially reasonable after                  Completion and in any event not more than 6 months following Completion.                  For the purposes of this clause the successful technical integration                  of                  the combined IOI service of the Buyer and the Company shall be                  deemed to                  have taken place when after first mutually agreeing to a programme                  of                  development tasks to accomplish the objectives set forth below                  in such                  time that in fact has no materially adverse effect upon the parties'                  ability to complete the agreed development tasks within the time                  set forth                  in this paragraph 2.2: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | FIX                  City has completed an agreed programme of development tasks which                  [**]; |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | (ii) | FIX                  City has completed an agreed programme of development tasks which                  [**]; |
|--------|------|---------------------------------------------------------------------------------------------------------------|

|   | (iii) | [**]; |
|--------|-------|-------|

|   | (iv) | Fix                  City has completed an agreed programme of development tasks which                  [**];                  and |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------|

|   | (v) | ioinet                  has been rebranded to include the NYFIX logo and colour scheme. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | (v) | In                  any event where the Buyer fails to complete agreed development                  tasks for                  which it is solely responsible (and has no FIX City dependencies)                  and                  where any such failure in fact has a materially adverse effect                  upon Fix                  City's ability to complete the agreed development tasks within                  the time                  set forth in this paragraph 2.2, and further, insofar as FIX City                  has                  first brought any such material failure to the attention of the                  Buyer                  within such time that the Buyer may reasonably remedy such failure                  without                  such failure having a materially adverse effect upon Fix City's                  ability to                  complete the agreed development tasks within the time set forth                  in this                  paragraph 2.2. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.3 | For                  the avoidance of doubt, the further consideration payments set                  out in this                  paragraph 2 shall (save in the case of paragraph 2.2), subject                  to the                  satisfaction of the relevant conditions set out above, be payable                  [**]                  under this paragraph 2. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **3.** | **Set-off                  and Deduction** |
|--------|--------------------------------------------|

----

| **4.** | **Treatment                  of the IOI Group in FIX                  Division** |
|--------|----------------------------------------------------------------------------------|

| 4.1 | The                  Buyer acknowledges and agrees that during the Earn Out Period,                  the Buyer                  shall [**] this Schedule 6. In addition, the Buyer acknowledges                  and agrees                  (having regard to the manner in which the Consideration for the                  Shares has                  been calculated) that the Sellers have a legitimate interest in                  ensuring                  that the IOI Group in FIX Division is maintained in the relevant                  years                  without prejudicing the business of the Buyer. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **5.** | **Undertakings                  of the Buyer** |
|--------|------------------------------------------------|

| 5.1 | The                  Buyer agrees and undertakes and the Company and the Subsidiary                  Undertaking                  agree and undertake (where relevant) with each of the Sellers that                  during                  the Earn Out Period: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.1 | it                  will provide the Company and the Subsidiary Undertaking with                  [**]; |
|--------|-------|---------------------------------------------------------------------------------------------------------|

|   | 5.1.2 | the                  Company shall not [**]; |
|--------|-------|----------------------------------------------|

|   | 5.1.3 | to                  procure that the business of the Company and/or the Subsidiary                  Undertaking                  are [**]; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.4 | ensure                  that any goods or services provided to or in respect of the Company                  or the                  Subsidiary Undertaking by the Buyer                  [**]; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.5 | that                  the memorandum and articles of association of the Company                  [**]; |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | 5.1.6 | it                  will not change its accounting reference                  date; |
|--------|-------|-------------------------------------------------------------------------------------|

|   | 5.1.7 | neither                  the Company nor the Subsidiary Undertaking shall                  [**]; |
|--------|-------|--------------------------------------------------------------------------------------------------|

|   | 5.1.8 | the                  Sellers shall be provided with [**] so that the Sellers can monitor                  progress against the milestones; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.1.9 | [**]; |
|--------|-------|-------|

|   | 5.1.10 | the                  Buyer will not require the Company to do anything (i) (save as                  provided in                  paragraph 5.1.12 below) other than on an arms length basis                  [**]; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.11 | that                  to the extent that any [**]; |
|--------|--------|----------------------------------------------------|

|   | 5.1.12 | [**],                  the Buyer and the Sellers will negotiate in good faith whether                  there                  should be any adjustment to any of the provisions of this Schedule                  6                  [**]; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.13 | the                  Sellers shall consider any proposals made by the Buyer [**]. However,                  the                  Sellers will not withhold consent [**]. In the event of any termination                  of                  the agreement with [**] for any reason, the Sellers agree to                  [**]; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.14 | the                  Buyer will co-operate with the Sellers to introduce the Company                  to the                  Buyer's Group Clients; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.15 | the                  Buyer will use reasonable endeavours to file an application with                  the FSA                  for authorisation as soon as reasonably                  practicable; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **6.** | **Calculation                  of the IOI Revenues** |
|--------|------------------------------------------------------|

| 6.1 | The                  Buyer shall procure that the Company issue a certificate ("IOI                  Revenue                  Certificate") in respect of the relevant years stating the European                  IOI                  Revenue and the Global IOI Revenue for that year. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The                  Sellers may, by notice (the "Notice") to the Buyer delivered within                  14                  days of receipt by the Sellers of the IOI Revenue Certificate,                  require                  that [**] for determination in which case any referral shall be                  deemed a                  joint referral by the Sellers and the Buyer. [**] and any other                  matter                  referred to them shall be provided to the Buyer and the Sellers                  within 14                  days of receipt of the Notice. If no Notice is served the IOI Revenue                  Certificate shall be deemed agreed by the                  Sellers. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6.3 | If                  the Sellers continue to dispute the IOI Certificate by notifying                  the Buyer                  in writing, within 7 days of receipt of the Buyer's Auditors                  determination, requiring that the calculation of European IOI Revenue                  and                  the Global IOI Revenue be reviewed, the dispute will be referred                  to the                  Independent Accountants (acting as experts) in which case the referral                  shall be deemed a joint referral by the Sellers and the Buyer.                  If no such                  notice is served the decision of the Buyer's Auditors shall be                  deemed                  agreed by the Sellers. The Sellers shall be responsible for the                  costs of                  the Independent Accountants, save where the Independent Accountants                  determine that the Sellers are entitled to such sums which exceed                  those                  set out in the IOI Certificate. The decision of the Independent                  Accountants on the level of European IOI Revenue and the Global                  IOI                  Revenue and any other matter referred to them shall (except in                  the case of                  manifest error) be final and binding on the Sellers and the Buyer. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.4 | The                  Buyer shall procure that the Independent Accountants and the Sellers                  are                  each given access to all working papers prepared by the Company                  and the                  Subsidiary Undertaking or on their behalf and given any information                  and                  explanations they may reasonably                  request. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.5 | Upon                  the European IOI Revenue and the Global IOI Revenue being determined                  by                  the Buyer's Auditors or the Independent Accountants in accordance                  with                  this schedule, the Buyer shall notify the                  Sellers. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**Appendix        1**

----

**Schedule        7**

**Relevant        Competitors**

----

**Schedule        8**

**Bank        Balance Figures**
** **

| **Description**                                                              | **GBP**  |
|------------------------------------------------------------------------------|----------|
| Starting                  Bank Balance                                       | **[**]** |
| Outstanding                  Invoices                                        | [**]     |
|                                                                         |     |
| Accrued                  payables                                            |     |
| Outstanding                  Creditors                                       | [**]     |
| Tax                  Provision 2007                                          | [**]     |
| Tax                  Provision Q1 2008                                       | [**]     |
| VAT                  Payable Apr 2008                                        | [**]     |
| VAT                  Provision Mar 2008                                      | [**]     |
| PAYE/NI                                                                      | [**]     |
| Ending                  Bank Balance                                         | **[**]** |
|                                                                         |     |
| Dividend                  at Close                                           | [**]     |
| Profit                  left in the company                                  | **[**]** |
|                                                                         |     |
| Actual                  Closing Bank Balance                                 | **[**]** |
| assuming                  we pay no-one, and no-one pays                  us |

----

| **SIGNED**                  by                      |   | )      |   |                                                       |   |                            |
|-----------------------------------------------------|--------|--------|--------|------------------------------------------------------------|--------|---------------------------------|
| **KARL                  SPENCER BREEZE**            |   | )      |   |                                                       |   |                            |
| in                  the presence of                 |   | )      |   | /s/                  K. Breeze                             |   |                            |
|                                                |   | )      |   | Karl                  Spencer Breeze                       |   |                            |
|                                                |   |   |   |                                                       |   |                            |
| **SIGNED**                  by                      |   | )      |   |                                                       |   |                            |
| **AMY                  JANE MUDDIMER**              |   | )      |   |                                                       |   |                            |
| in                  the presence of                 |   | )      |   | /s/                  A.J. Muddimer                         |   |                            |
|                                                |   | )      |   | Amy                  Jane Muddimer                         |   |                            |
|                                                |   |   |   |                                                       |   |                            |
| **SIGNED**by                                        |   | )      |   |                                                       |   |                            |
| **PAUL                  DENBY SCOTT**               |   | )      |   |                                                       |   |                            |
| in                  the presence of                 |   | )      |   | /s/                  Paul Scott                            |   |                            |
|                                                |   | )      |   | Paul                  Denby Scott                          |   |                            |
|                                                |   |   |   |                                                       |   |                            |
| **SIGNED**by                                        |   | )      |   |                                                       |   |                            |
| **ANDREW                  SOUTHON**                 |   | )      |   |                                                       |   |                            |
| in                  the presence of                 |   | )      |   | /s/                  Andrew Southon                        |   |                            |
|                                                |   | )      |   | Andrew                  Southon                            |   |                            |
|                                                |   |   |   |                                                       |   |                            |
| **SIGNED**by                                        |   | )      |   |                                                       |   |                            |
| **MATTHEW                  GEORGE BARKWAY**         |   | )      |   |                                                       |   |                            |
| in                  the presence of                 |   | )      |   | /s/                  Matthew Barkway                       |   |                            |
|                                                |   | )      |   | Matthew                  George Barkway                    |   |                            |
|                                                |   |   |   |                                                       |   |                            |
| **SIGNED**by                                        |   | )      |   |                                                       |   |                            |
| duly                  authorised on behalf of       |   | )      |   | /s/                  Christopher                  G. Smith |   | /s/                  Paul Kelly |
|                                                |   |   |   | Christopher                  G. Smith                      |   | Paul                  Kelly     |
| **NYFIX                  GLOBAL SERVICES, LIMITED** |   | )      |   |                                                       |   |                            |
|                                                |   |   |   |                                                       |   |                            |
| **SIGNED**by                                        |   | )      |   |                                                       |   |                            |
| duly                  authorised on behalf of       |   | )      |   | /s/                  Steven R. Vigliotti                   |   |                            |
| **NYFIX,                  INC**                     |   | )      |   | Steven                  R. Vigliotti                       |   |                            |

----